| 000 -LEADER |
|---|
| fixed length control field |
01255nam a22001577a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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| fixed length control field |
210630b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
|---|
| Personal name |
Geanakoplos, John and Wang, Haobin |
| 245 ## - TITLE STATEMENT |
|---|
| Title |
Quantitative Easing, Collateral Constraints, and Financial Spillovers |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
|---|
| Place of publication, distribution, etc |
American Economic Journal Macroeconomics |
| 300 ## - PHYSICAL DESCRIPTION |
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| Extent |
12(4), Oct, 2020: p.180-217 |
| 520 ## - SUMMARY, ETC. |
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| Summary, etc |
The steady application of quantitative easing (QE) has been followed by big and nonmonotonic effects on international asset prices and capital flows. We rationalize these observations in a model in which a central bank buys domestic assets that serve as the best collateral for investors worldwide. The crucial insight is that domestic private agents adjust their portfolios of domestic and foreign assets in different ways to offset QE, conditional on whether they are (i) fully leveraged, (ii) partially leveraged, or (iii) unleveraged. These portfolio shifts can diminish or even reverse the impact of ever-larger QE interventions on asset prices. – Reproduced |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
|---|
| Topical term or geographic name as entry element |
Price Level; Inflation; Deflation, Interest Rates: Determination, Term Structure, |
| 9 (RLIN) |
26090 |
| 773 ## - HOST ITEM ENTRY |
|---|
| Main entry heading |
American Economic Journal Macroeconomics |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) |
|---|
| Subject DIP |
INTEREST RATES |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
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| Item type |
Articles |
