Central Bank Asset Puchases I: The Theory

Carolin Raab, Philipp König () and Kerstin Bernoth ()

No 60, DIW Roundup: Politik im Fokus from DIW Berlin, German Institute for Economic Research

Abstract: In the face of interest rates having hit their zero lower bound in major economies, large-scale asset purchases have become an important weapon of central banks in recent years. It is, however, not clear whether and under which circumstances such policy measures produce the desired effects. This round-up provides a selective overview of theoretical research that has been devoted to understand under what conditions central bank asset purchases lead to reductions in longer-term interest rates and produce stimulating effects on the overall economy.

Pages: 7 p.
Date: 2015
New Economics Papers: this item is included in nep-cba and nep-mon
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