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SUMMARY:The Fiscal Cost of Quantitative Easing
DTSTART:20250926T110000
DTEND:20250926T121500
DTSTAMP:20260412T221045Z
UID:8fe0192b2fdf37e3b2e660f123aae0dddb20478e6e6b1dd7a1a1d4ad
CATEGORIES:Conferences - Seminars
DESCRIPTION:Adrien d'Avernas - Stockholm School of Economics\nThis work p
 roposes a framework to study the risk-benefit trade-off of quantitative ea
 sing (QE) for the consolidated government\, integrating the central bank a
 nd treasury department. In a model with distortionary taxes\, nominal fric
 tions\, and a zero lower bound\, we characterize the optimal size of a QE 
 program as equalizing the marginal benefit from stimulating output to the 
 marginal cost of induced rollover risk for taxpayers. A conservative quant
 ification of this trade-off suggests that QE programs in the US made a pos
 itive net present contribution to welfare.
LOCATION:UNIL\, Extranef\, room 126
STATUS:CONFIRMED
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