Bundesbank paper estimates effects of Fed’s QE policies


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A working paper published by the Deutsche Bundesbank analyses the macroeconomic effects of the Federal Reserve’s unconventional monetary policies.

In A structural investigation of quantitative easing, Gregor Boehl, Gavin Goy and Felix Strobel present a nonlinear structural estimation of the Fed’s QE policies.

The authors attempt to distinguish between the effects of QE in the US on the real economy and the financial sector. They use a large-scale model, “which takes full account of the effects

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