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008201130t20202020onca    ob   f000 0 eng d
040 |aCaOODSP|beng|erda|cCaOODSP
045 |ay1y1
0861 |aFB3-5/2020-49E-PDF
1001 |aKabaca, Serdar, |eauthor.
24510|aOptimal quantitative easing in a monetary union / |cby Serdar Kabaca, Renske Maas, Kostas Mavromatis and Romanos Priftis.
264 1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2020.
264 4|c©2020
300 |a1 online resource (ii, 74 pages) : |bcolour illustrations.
336 |atext|btxt|2rdacontent
337 |acomputer|bc|2rdamedia
338 |aonline resource|bcr|2rdacarrier
4901 |aStaff working paper = |aDocument de travail du personnel, |x1701-9397 ; |v2020-49
500 |a"Last updated: November 24, 2020."
504 |aIncludes bibliographical references (pages 44-47).
5203 |a"This paper explores the optimal allocation of government bond purchases within a monetary union, using a two-region DSGE model, where regions are asymmetric with respect to economic size and portfolio characteristics: the extent of substitutability between assets of different maturity and origin, asset home bias, and steady-state levels of government debt. An optimal quantitative easing (QE) policy under commitment does not only reflect different region sizes but is also a function of these dimensions of portfolio heterogeneity. By calibrating the model to the euro area, we show that optimal QE favors purchases from the smaller region (Periphery instead of Core), given that the former faces stronger portfolio frictions. A fully optimal policy consisting of both the short-term interest rate and QE lifts the monetary union away from the zero lower bound faster than an optimal interest rate policy alone, which entails forward guidance"--Abstract, page ii.
650 0|aQuantitative easing (Monetary policy)|xEconometric models.
650 0|aMonetary unions|xEconometric models.
650 0|aGovernment securities|xEconometric models.
650 6|aAssouplissement quantitatif (Politique monétaire)|xModèles économétriques.
650 6|aUnions monétaires|xModèles économétriques.
650 6|aEffets publics|xModèles économétriques.
7102 |aBank of Canada, |eissuing body.
830#0|aStaff working paper (Bank of Canada)|v2020-49.|w(CaOODSP)9.806221
85640|qPDF|s1.00 MB|uhttps://publications.gc.ca/collections/collection_2020/banque-bank-canada/FB3-5-2020-49-eng.pdf