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The inflationary effects of quantitative easing
Klein, Mathias; Zhang, Xin - 2025
We provide new evidence on the inflationary effects of Quantitative Easing (QE) using Swedish administrative data at the bank, firm, and product level. For identification, we rely on bank-firm lending relationships and the heterogeneous participation rates of banks in the government bond...
Persistent link: https://www.econbiz.de/10015324110
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Central Banks Quasi-Fiscal Policies and Inflation
Park, Seok Gil - 2012
Although central banks have recently taken unconventional policy actions to try to shore up macroeconomic and financial stability, little theory is available to assess the consequences of such measures. This paper offers a theoretical model with which such policies can be analyzed. In...
Persistent link: https://www.econbiz.de/10013111404
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The quantity theory of money, quantitative easing and the missing inflation phenomenon
Moosa, Imad A.; Al-Saad, Khalid; Khatatbeh, Ibrahim N. - In: Journal of central banking theory and practice 13 (2024) 2, pp. 71-88
Several explanations have been put forward for the observation that massive inflation has not appeared as a result of … put forward for this observation, but none of them can explain the huge gap between monetary inflation and price inflation …. The alternative explanation presented in this paper is that monetary inflation is more reflected in stock prices than the …
Persistent link: https://www.econbiz.de/10014581554
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Quantitative Easing : Will It Generate Demand or Inflation
Ellis, Colin - 2013
quantitative easing has been necessary, and whether it is likely to result in higher demand or instead show up in higher inflation …
Persistent link: https://www.econbiz.de/10013095666
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How can a central bank exit quantitative easing without rapidly shrinking its balance sheet?
Tanaka, Atsushi - In: Central Bank review / Central Bank of the Republic of Turkey 22 (2022) 2, pp. 91-98
An important question for the major central banks of the industrialized world is how to design desirable strategies to exit quantitative easing (QE). At the exit, if a central bank needs to reduce rapidly the liquidity created by its balance sheet expansion, issuing new interest-bearing...
Persistent link: https://www.econbiz.de/10013269375
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The European Public Debt Refinancing Program - Why the ECB Quantitative Easing Should Envisage Euro-Zone Government Bonds
Minenna, Marcello - 2014
The credit risk exposure of the German banking system is growing again after the 2009 peak and its subsequent reduction. This column comments it through the lens of the Target2 net balances in connection with the capital flows experienced by the Eurozone (EZ) balance of payments. Several aspects...
Persistent link: https://www.econbiz.de/10013047170
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What drives inflation? : disentangling demand and supply factors
Eickmeier, Sandra; Hofmann, Boris - 2022
number of inflation and real activity measures for the United States. We identify demand and supply factors by imposing … demand and supply over the past five decades. The most recent factor estimates indicate that the inflation surge since mid …
Persistent link: https://www.econbiz.de/10013460150
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Europe, where to?
Ioan-Franc, Valeriu; Pop, Napoleon; Diamescu, Andrei Marius - In: Amfiteatru economic : an economic and business research … 25 (2023) 63, pp. 610-624
The authors review the challenges that the Romanian economy and society had to face in the European and global geoeconomic context. Starting from the perspectives advanced by the international economic fora, the risks the European economy will have to answer through counteracting and general...
Persistent link: https://www.econbiz.de/10014464256
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A History of Large-Scale Asset Purchases Before the Federal Reserve
Chabot, Benjamin Remy - 2014
The authors find that between 1870 and 1913, large open market purchases of Treasury securities made by the U.S. Treasury Department narrowed the yield spread between Treasury bonds with high interest rate risk (the risk of an investment's value changing on account of interest rate changes) and...
Persistent link: https://www.econbiz.de/10013054352