Macroeconomic effects of large-scale asset purchase programs

Mark Gertler and Peter Karadi

Research Bulletin, 2013, vol. 18, 12-15

Abstract: During the recent financial crisis, central banks introduced a variety of non-standard measures to redress impaired financial markets and to influence economic activity when conventional interest rate policy was turning ineffective at the zero lower bound. This article summarises recent research that provides a unified quantitative framework in which the effects of the variety of these new tools can be analysed. JEL Classification: E6

Keywords: large-scale; asset; purchase (search for similar items in EconPapers)
Date: 2013-04
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbrbu:2013:0018:3

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