کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7368829 1479322 2015 25 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Monetary policy, bond returns and debt dynamics
ترجمه فارسی عنوان
سیاست پولی، بازده اوراق قرضه و دینامیک بدهی
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
Using the government׳s intertemporal budget constraint, we quantify the contribution of returns paid on the U.S. government׳s debt portfolio to the evolution of the debt-to-GDP ratio. We show that announcements of unconventional monetary policy measures by the Federal Reserve between 2008.IV and 2012, as a part of macroeconomic stabilization, were associated with a sizable increase in returns and debt-to-GDP ratios and contributed to fiscal imbalances. We use the Federal Reserve׳s portfolio composition as a proxy for unconventional monetary policy measures and show that it is significantly related to future bond returns and fiscal balances.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Monetary Economics - Volume 73, July 2015, Pages 119-136
نویسندگان
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