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- Title
Asset purchase policy at the effective lower bound for interest rates.
- Authors
Harrison, Richard
- Abstract
The article presents a study which examines the monetary policy in a standard workhorse model extended to incorporate imperfect substitutability between short and long-term bonds. It states that the modified standard model provides a channel through which assets purchases by the monetary policy maker can affect aggregate demand. It notes that the imperfect substitutability between bonds reduces the potency of conventional monetary policy.
- Subjects
MONETARY policy; BONDS (Finance); ASSETS (Accounting); AGGREGATE demand; ECONOMIC models
- Publication
Bank of England Quarterly Bulletin, 2012, Vol 52, Issue 1, p72
- ISSN
0005-5166
- Publication type
Article