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040 |aCaOODSP|beng|erda|cCaOODSP
0410 |aeng|beng|bfre
043 |an-us---
0861 |aFB3-5/2025-38E-PDF
1001 |aAlpanda, Sami, |eauthor.
24510|aPortfolio rebalancing channel and the effects of large-scale stock and bond purchases / |cSami Alpanda, Serdar Kabaca.
264 1|a[Ottawa] : |bBank of Canada = Banque du Canada, |c2025.
264 4|c©2025
300 |a1 online resource (ii, 55, that is, ii, 54 pages) : |bcolour illustrations.
336 |atext|btxt|2rdacontent
337 |acomputer|bc|2rdamedia
338 |aonline resource|bcr|2rdacarrier
4901 |aStaff working paper = Document de travail du personnel, |y1701-9397 ; |v2025-38
500 |aISSN assigned to different series.
500 |a"Last updated: December 19, 2025."
504 |aIncludes bibliographical references (pages 34-38).
5203 |a"We quantify the effects of large-scale stock purchases by a central bank and compare these to bond purchases, using an estimated dynamic stochastic general equilibrium macro-finance model with nominal and real rigidities and portfolio rebalancing effects. The latter arise from imperfect substitutability between stocks and short- and long-term government bonds in mutual funds' portfolios. Since households' consumption-savings decisions are tied to expected portfolio returns, the required returns on all three assets affect overall demand in the economy. The model shows that the central bank's equity purchases would lower the risk and term premiums on stocks and long-term bonds, respectively, and thereby stimulate economic activity. Since stocks comprise a larger share in asset portfolios and are less substitutable for short-term securities than long-term bonds are, the effects of stock purchases on aggregate demand are larger than those of similar-sized bond purchases"--Abstract, page ii.
546 |aIncludes abstracts in English and French.
650 0|aQuantitative easing (Monetary policy)|zUnited States|xEconometric models.
650 0|aTransmission mechanism (Monetary policy)|zUnited States|xEconometric models.
650 6|aAssouplissement quantitatif (Politique monétaire)|zÉtats-Unis|xModèles économétriques.
650 6|aMécanismes de transmission (Politique monétaire)|zÉtats-Unis|xModèles économétriques.
7102 |aBank of Canada, |eissuing body.
830#0|aStaff working paper (Bank of Canada)|v2025-38.|w(CaOODSP)9.806221
85640|qPDF|s3.93 MB|uhttps://publications.gc.ca/collections/collection_2026/banque-bank-canada/FB3-5-2025-38-eng.pdf