Bank of Finland paper urges QE use outside crises
Central bank asset purchases are a valuable monetary policy tool, particularly when targeted at output fluctuations, according to a working paper published on February 18 by the Bank of Finland.
The paper, Unconventional government debt purchases as a supplement to conventional monetary policy, by Martin Ellison and Andreas Tischbirek, adds financial sector and central bank asset purchases to a standard new Keynesian dynamic stochastic general equilibrium model. The model implies that a central
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