Séminaire de Yann PERDEREAU
Séminaire de Yann PERDEREAU
Séminaire de Yann PERDEREAU
Le 16 janvier 2024
Le prochain séminaire du GAINS aura lieu le 16 janvier 2024 de 10h30 à 12h00 en salle T204.
Yann PERDEREAU (PSE) présentera un papier intitulé "Quantitative Easing and Central Bank losses in a HANK model " co-écrit avec Charles Labrousse (INSEE & PSE).
Abstract :
What are the effects of Central Bank balance sheet expansion, and can Quantitative Easing stimulate an economy stuck at the zero lower bound? We use a Heterogeneous Agent New Keynesian model in which the central bank creates money to purchase assets when the lower bound is binding, and derive both theoretical insights and quantitative results regarding the efficiency of a balance sheet expansion. First, the size of the central bank balance sheet is not neutral at the steady state, as it modifies its revenue and then the distortionary taxation. Second, when the ZLB is binding, agents anticipate that the new steady state will be better, which stimulates the economy and mitigates the loss in welfare and output. Third, the results depend on how the Central Bank covers its losses at the end of the ZLB.
Un lien zoom est disponible pour ceux qui ne peuvent pas assister au séminaire en présentiel:
https://univ-lemans-fr.zoom.us/j/95040553788?pwd=Y3FLOEpmclVvNHJKc05UY3ZDbno2UT09
Meeting ID: 950 4055 3788
Passcode: 892428
