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• W2782344786 abstract "In a stochastic economy, the rebalancing of short and long term government debt positions can have real e¤ects when markets are incomplete. Monetary policy aims to harnass these real e¤ects to maximize social welfare. The policy rules can either be stationary, in which the current policy choice vector only depends on the current shock realization, or nonstationary, in which the policy choice vector is recursively updated. This paper characterizes the conditions under which a stationary policy rule is optimal." @default.
• W2782344786 created "2018-01-12" @default.
• W2782344786 creator A5041484539 @default.
• W2782344786 date "2014-01-01" @default.
• W2782344786 modified "2023-09-27" @default.
• W2782344786 title "Quantitative Easing under Incomplete Markets: Optimality Conditions for Stationary Policy" @default.
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• W2782344786 hasPublicationYear "2014" @default.
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