#2237. Quantitative easing with heterogeneous agents

August 2026publication date
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Journal’s subject area:
Finance;
Economics and Econometrics;
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Abstract:
We study the effects of Quantitative Easing (QE) in a heterogeneous-agents model with liquid and partially liquid wealth, and nominal rigidities. The direct macroeconomic effect of QE is determined by the difference in marginal propensities to consume out of the two types of wealth, which is large according to empirical studies. Therefore, the effects of QE on aggregate output and inflation are significant, according to the model.
Keywords:
Household liquidity; Large-scale asset purchases; Monetary policy

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