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- W3124102334 abstract "This paper quantitatively evaluates the effects of several unconventional monetary policies. Inparticular, a new Keynesian model of a small-open economy is extended to include a liquiditypremium, deviations from the uncovered interest rate parity condition, and a premium in the termstructure of interest rates; allowing the Central Bank to set, in addition to the policy rate, the stockof base money, debt at different maturities and foreign assets. The model is calibrated to the case ofChile. We find that policies affecting the liquidity channel can potentially have a big effect, but theydepend on expectations about the future policy rate. On the other hand, alternatives workingthrough the term premium have smaller effects, but they are less dependent on the expected path ofthe reference rate. We also study the possibility of undoing the unconventional policy as a potentialexit strategy, with results indicating that this alternative may induce a significant slowdown,particularly if it is anticipated. Finally, we also consider the alternative of driving down and holdingthe policy rate in its lower bound. While this policy can also be greatly expansionary, credibilityissues regarding the promise of keeping the rate low for some time can severely undermine theseeffects." @default.
- W3124102334 created "2021-02-01" @default.
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- W3124102334 date "2010-01-01" @default.
- W3124102334 modified "2023-09-25" @default.
- W3124102334 title "On the Quantitative Effects of Unconventional Monetary Policies" @default.
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