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Liquidity Trap DSGE Modeling

Student: Anton Fufachev

Supervisor: Andrey G. Shulgin

Faculty: Faculty of Economics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2019

This paper introduces a Keynesian Dynamic Stochastic General Equilibrium (DSGE) model capable of estimating the effect of unconventional monetary policy made by central bank in case of liquidity trap. Model modernization based on imperfect asset substitutability between bonds of different maturities. This feature is generated through portfolio adjustment costs which allow to use portfolio rebalancing channel of Quantitative Easing (QE). The results of estimated model present a positive stimulating effect of large long-term bond purchases on the real part of economy.

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