jlutynski

Jan
Lutyński

Student of Models and Methods of Quantitative Economics program (EMJMD QEM / IDEA) at the Universitat Autònoma de Barcelona. His main research interests are quantitative macroeconomics and monetary economics, especially unconventional monetary policies.





W toku | Work in progress

  • Comparative analysis of quantitative easing and money-financed fiscal stimulus

    I study two types of unconventional monetary policy: quantitative easing (QE) and money-financed fiscal stimulus (MFFS), in a modified New Keynesian framework. I compare their effectiveness in stabilizing output and inflation when monetary policy is constrained by the effective lower bound. Money-financed fiscal stimulus performs better than quantitative easing, except the case of the TFP shock. It tends to cause lower inflation and output volatility. Nevertheless, it might be substantially more problematic in implementation as it demands cooperation between the central bank and the fiscal authority. Real reserve targeting (RRT) delivers similar outcomes as quantitative easing but is easier to implement.

    Jan
    Lutyński