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Quantitative easing in an open economy : prices, exchange rates and risk premia
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Udara, Peiris M. and Polemarchakis, H. M. (2015) Quantitative easing in an open economy : prices, exchange rates and risk premia. Discussion Paper. Coventry: University of Warwick. Department of Economics. Warwick Economics Research Paper Series (WERPS) (1094). (Unpublished)
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Official URL: http://www2.warwick.ac.uk/fac/soc/economics/resear...
Abstract
Explicit targets for the composition of assets traded by governments are necessary for fiscal-monetary policy to determine the stochastic paths of inflation or exchange rates; this is the case even if fiscal policy is non-Ricardian. Targets obtain with the traditional conduct of monetary policy and Credit Easing, but not with unconventional policy and Quantitative Easing. The composition of the portfolios traded by monetary-fiscal authorities determines premia in asset and currency markets.
Item Type: | Working or Discussion Paper (Discussion Paper) | ||||
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Subjects: | H Social Sciences > HG Finance | ||||
Divisions: | Faculty of Social Sciences > Economics | ||||
Library of Congress Subject Headings (LCSH): | Quantitative easing (Monetary policy), Foreign exchange | ||||
Series Name: | Warwick Economics Research Paper Series (WERPS) | ||||
Publisher: | University of Warwick. Department of Economics | ||||
Place of Publication: | Coventry | ||||
ISSN: | 0083-7350 | ||||
Official Date: | December 2015 | ||||
Dates: |
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Number: | 1094 | ||||
Number of Pages: | 21 | ||||
Institution: | University of Warwick | ||||
Status: | Not Peer Reviewed | ||||
Publication Status: | Unpublished | ||||
Access rights to Published version: | Open Access (Creative Commons) | ||||
Description: | Also available as CRETA Discussion Paper Series No 9 |
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