Time Consistency and the Duration of Government Debt: A Signalling Theory of Quantitative Easing
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We present a signalling theory of Quantitative Easing (QE) at the zero lower bound on the short term nominal interest rate. QE is effective because it generates a credible signal of low future real interest rates in a time consistent equilibrium. We show these results in two models. One has
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美国国家经济研究局创建时间：
2015-07-01
