E. Crawley, Etienne Gagnon, J. Hebden, James Trevino
{"title":"Substitutability between Balance Sheet Reductions and Policy Rate Hikes: Some Illustrations and a Discussion","authors":"E. Crawley, Etienne Gagnon, J. Hebden, James Trevino","doi":"10.17016/2380-7172.3147","DOIUrl":null,"url":null,"abstract":"This note explores the substitutability between policy rate hikes and reductions in the size of the Federal Reserve's balance sheet for the removal of policy accommodation. We do so using a version of the FRB/US model augmented to incorporate the effects of changes in the Federal Reserve's asset holdings on term premiums.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"55 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"FEDS Notes","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.17016/2380-7172.3147","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 3
Abstract
This note explores the substitutability between policy rate hikes and reductions in the size of the Federal Reserve's balance sheet for the removal of policy accommodation. We do so using a version of the FRB/US model augmented to incorporate the effects of changes in the Federal Reserve's asset holdings on term premiums.
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