最適な量的緩和／引き締め

2024年3月公表のBOEワーキングペーパー。原題は「Optimal quantitative easing and tightening」で、著者はRichard Harrison。以下はその要旨。This paper studies optimal monetary policy in a New Keynesian model with portfolio frictions that create a role for the central bank balance sheet as a policy instrument. Central bank purchases of long‑term government debt (‘quantitative easing’) reduce average portfolio returns, thereby increasing aggregate demand and inflation. Optimal time‑consistent policy prescribes large and rapid asset purchases when the policy rate hits the zero bound. Optimal balance sheet reduction (‘quantitative tight

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