Thesis
Three papers on macroeconomics with financial frictions
- Abstract:
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Chapter 1: Financial frictions amplify the portfolio balance effect of QE. A costly state verification friction increases output growth by between 0.13 - 0.41 percentage points and increases inflation between 6 - 18 basis points more than the model without the friction. I find that overall that the Federal Reserve’s second round of Large-Scale Asset Purchases (LSAPII) boosts output between 0.51% - 1.62%, which is the equivalent of a 83 - 278 basis point cut in the Federal Funds rate. In...
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Bibliographic Details
- Type of award:
- DPhil
- Level of award:
- Doctoral
- Awarding institution:
- University of Oxford
Item Description
- Language:
- English
- Keywords:
- Subjects:
- Deposit date:
- 2020-11-13
Related Items
Terms of use
- Copyright holder:
- Nelson, G
- Copyright date:
- 2020
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