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首页> 外文期刊>The Manchester school >FINANCIAL CRISIS AND QUANTITATIVE EASING: CAN BROAD MONEY TELL US ANYTHING?
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FINANCIAL CRISIS AND QUANTITATIVE EASING: CAN BROAD MONEY TELL US ANYTHING?

机译:金融危机和宽松的量化措施:通货膨胀能告诉我们任何东西吗?

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摘要

When the Bank of England introduced quantitative easing (QE) it emphasised effects on money and credit, but much of its empirical research has focused on effects on long-term interest rates. We use the flow of funds to analyse the implications of QE for broad money, and argue that the financial crisis, fiscal expansion and QE may have constituted major exogenous shocks to money. Regressions in which the growth of nominal spending depends on the growth of nominal money and other variables suggest that money has had a much larger role in the period of the crisis and QE.
机译:英格兰银行(BoE)引入量化宽松(QE)时,强调了对货币和信贷的影响,但是其许多实证研究都集中在对长期利率的影响上。我们使用资金流向来分析量化宽松对广义货币的影响,并认为金融危机,财政扩张和量化宽松可能构成了对货币的重大外生冲击。名义支出增长取决于名义货币增长以及其他变量的回归表明,在危机和量化宽松期间,货币的作用要大得多。

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  • 来源
    《The Manchester school》 |2012年第suppla期|p.54-76|共23页
  • 作者

    DAVID COBHAM; YUE KANG;

  • 作者单位

    Heriot- Watt University;

    Heriot- Watt University;

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  • 原文格式 PDF
  • 正文语种 eng
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