Thesis icon

Thesis

Three papers on macroeconomics with financial frictions

Abstract:

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...

Expand abstract

Actions


Access Document


Files:

Authors


More by this author
Division:
SSD
Department:
Economics
Role:
Author

Contributors

Role:
Supervisor
Type of award:
DPhil
Level of award:
Doctoral
Awarding institution:
University of Oxford

Terms of use


Views and Downloads






If you are the owner of this record, you can report an update to it here: Report update to this record

TO TOP