An explanation of Wallace neutrality for quantitative easing

01 May 2020 Leave a comment

by Jim Rose in financial economics, macroeconomics, monetary economics

From https://books.google.co.nz/books?id=6kbCDwAAQBAJ&pg=PA283&lpg=PA283&dq=neil+wallace+open+market+operations&source=bl&ots=chwhTeUEA6&sig=ACfU3U1IPVipUeeC0tEa-phUVH7izIhT5A&hl=en&sa=X&ved=2ahUKEwihtKGGsZLpAhUdzDgGHSG4D5A4ChDoATACegQIChAB#v=onepage&q=neil%20wallace%20open%20market%20operations&f=false and https://www.jstor.org/stable/1802777?seq=1#metadata_info_tab_contents

Modigliani-Miller theorems for open market operations describe conditions under which central bank portfolio rearrangements will have no consequences for allocations, relative prices, or the time path of the price level. 

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