Arbeitspapier
International Transmission Channels of U.S. Quantitative Easing: Evidence from Canada
The U.S. Federal Reserve responded to the great recession by reducing policy rates to the effective lower bound. In order to provide further monetary stimulus, they subsequently conducted large-scale asset purchases, quadrupling their balance sheet in the process. We assess the international spillover effects of this quantitative easing program on the Canadian economy in a factor-augmented vector autoregression (FAVAR) framework, by considering a counterfactual scenario in which the Federal Reserve's long-term asset holdings do not rise in response to the recession. We find that U.S. quantitative easing boosted Canadian output, mainly through the financial channel.
- Sprache
-
Englisch
- Erschienen in
-
Series: Bank of Canada Working Paper ; No. 2014-43
- Klassifikation
-
Wirtschaft
Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
Monetary Policy
Central Banks and Their Policies
International Policy Coordination and Transmission
International Business Cycles
- Thema
-
Transmission of monetary policy
International topics
Monetary policy framework
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Dahlhaus, Tatjana
Hess, Kristina
Reza, Abeer
- Ereignis
-
Veröffentlichung
- (wer)
-
Bank of Canada
- (wo)
-
Ottawa
- (wann)
-
2014
- DOI
-
doi:10.34989/swp-2014-43
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Dahlhaus, Tatjana
- Hess, Kristina
- Reza, Abeer
- Bank of Canada
Entstanden
- 2014
Ähnliche Objekte (12)
International transmission of quantitative easing policies: Evidence from Canada
Quantitative easing in a small open economy: An international portfolio balancing approach
Changes in Payment Timing in Canada’s Large Value Transfer System
The neutral rate of interest in Canada
High-frequency real economic activity indicator for Canada
Fundamental drivers of existing home sales in Canada
Markups in Canada: Have they changed and why?
What explains month-end funding pressure in Canada?
Non-bank financial intermediation in Canada: An update
Quantitative easing and long-term yields in small open economies
A structural VAR approach to core inflation in Canada
Financial conditions and the money-output relationship in Canada
International transmission of quantitative easing policies: Evidence from Canada
Quantitative easing in a small open economy: An international portfolio balancing approach
Changes in Payment Timing in Canada’s Large Value Transfer System
The neutral rate of interest in Canada
High-frequency real economic activity indicator for Canada
Fundamental drivers of existing home sales in Canada
Markups in Canada: Have they changed and why?
What explains month-end funding pressure in Canada?
Non-bank financial intermediation in Canada: An update
Quantitative easing and long-term yields in small open economies
A structural VAR approach to core inflation in Canada
Financial conditions and the money-output relationship in Canada
International transmission of quantitative easing policies: Evidence from Canada
Quantitative easing in a small open economy: An international portfolio balancing approach
Changes in Payment Timing in Canada’s Large Value Transfer System
The neutral rate of interest in Canada
High-frequency real economic activity indicator for Canada
Fundamental drivers of existing home sales in Canada
Markups in Canada: Have they changed and why?
What explains month-end funding pressure in Canada?
Non-bank financial intermediation in Canada: An update
Quantitative easing and long-term yields in small open economies
A structural VAR approach to core inflation in Canada