Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/295732 
Autor:innen: 
Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
IMFS Working Paper Series No. 204
Verlag: 
Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS), Frankfurt a. M.
Zusammenfassung: 
Central bank intervention in the form of quantitative easing (QE) during times of low interest rates is a controversial topic. This paper introduces a novel approach to study the effectiveness of such unconventional measures. Using U.S. data on six key financial and macroeconomic variables between 1990 and 2015, the economy is estimated by artificial neural networks. Historical counterfactual analyses show that real effects are less pronounced than yield effects. Disentangling the effects of the individual asset purchase programs, impulse response functions provide evidence for QE being less effective the more the crisis is overcome. The peak effects of all QE interventions during the Financial Crisis only amounts to 1.3 pp for GDP growth and 0.6 pp for inflation respectively. Hence, the time as well as the volume of the interventions should be deliberated.
Schlagwörter: 
Artificial Intelligence
Machine Learning
Neural Networks
Forecasting and Simulation: Models and Applications
Financial Markets and the Macroeconomy
Monetary Policy
Central Banks and Their Policies
JEL: 
C45
E47
E44
E52
E58
Dokumentart: 
Working Paper

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