000			01255nam a22001577a 4500
999			_c517086 _d517086
008			210630b ||||| |||| 00| 0 eng d
100			_aGeanakoplos, John and Wang, Haobin _926089
245			_aQuantitative Easing, Collateral Constraints, and Financial Spillovers
260			_aAmerican Economic Journal Macroeconomics
300			_a12(4), Oct, 2020: p.180-217
520			_aThe 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			_aPrice Level; Inflation; Deflation, Interest Rates: Determination, Term Structure, _926090
773			_aAmerican Economic Journal Macroeconomics
906			_aINTEREST RATES
942			_cAR