A Structural Investigation of Quantitative Easing
用非线性贝叶斯方法估计美国宏观金融DSGE模型，发现量化宽松通过降低融资成本促进投资，但供给侧通缩效应超过需求侧通胀效应，导致总消费下降。
Abstract Using nonlinear Bayesian methods that fully account for the binding zero lower bound (ZLB), we estimate a large-scale macrofinance DSGE model on U.S. data. Counterfactual analysis suggests that by easing financing conditions, quantitative easing facilitated a net increase in aggregate investment. The resulting expansion of firms’ production capacities lowered their marginal costs. These disinflationary supply side effects dominated over the inflationary effects induced by the stimulus to aggregate demand. At the ZLB, the concomitant rise in real interest rates, in turn, induced a net fall in aggregate consumption.