| 000 -LEADER |
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| fixed length control field |
01374nam a22001577a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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| fixed length control field |
210701b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
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| Personal name |
Benigno, Pierpalolo and Nistico, Salvatore |
| 245 ## - TITLE STATEMENT |
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| Title |
Non-neutrality of Open-Market Operations |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
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| Place of publication, distribution, etc |
American Economic Journal Macroeconomic |
| 300 ## - PHYSICAL DESCRIPTION |
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| Extent |
12(3), Jul, 2020: p.175-226 |
| 520 ## - SUMMARY, ETC. |
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| Summary, etc |
We analyze the effects on inflation and output of unconventional open-market operations due to the possible income losses on the central bank's balance sheet. We first state a general Neutrality Property, and characterize the theoretical conditions supporting it. We then discuss three non-neutrality cases. First, with no treasury's support, sizeable (current or expected ) balance sheet losses can undermine the central bank's solvency and should be resolved through an increase in inflation. Second, a central bank might also engineer higher inflation in the case it wants to limit or reduce losses because of political constraints or to seek more financial independence. Third, if the treasury is unable or unwilling to tax households to cover the central bank's losses, the wealth transfer to the private sector also leads to higher inflation. – Reproduced |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
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| Topical term or geographic name as entry element |
Price Level; Inflation; Deflation |
| 9 (RLIN) |
26142 |
| 773 ## - HOST ITEM ENTRY |
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| Main entry heading |
American Economic Journal Macroeconomic |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) |
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| Subject DIP |
INFLATION |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
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| Item type |
Articles |
