The Financial Market Impact of UK Quantitative Easing

Arbeitspapier

After outlining some of the monetary developments associated with Quantitative Easing (QE), we measure the impact of the UK's initial 2009-10 QE Programme on bonds and other assets. First, we use a macro-finance yield curve both to create a counterfactual path for bond yields and to estimate the impact of QE directly. Second, we analyse the impact of individual QE operations on a range of asset prices. We find that QE significantly lowered government bond yields through the portfolio balance channel by around 50 or so basis points. We also uncover significant effects of individual operations but limited pass through to other assets.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: School of Economics Discussion Papers ; No. 1211

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Interest Rates: Determination, Term Structure, and Effects ; Financial Markets and the Macroeconomy ; Money and Interest Rates: Forecasting and Simulation: Models and Applications ; Central Banks and Their Policies
• Thema: Term Structure of Interest Rates ; Monetary Policy ; Quantitative Easing

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Breedon, Francis ; Chadha, Jagjit S. ; Waters, Alex
• Ereignis: Veröffentlichung
• (wer): University of Kent, School of Economics
• (wo): Canterbury
• (wann): 2012

Weitere Informationen

• Handle: http://hdl.handle.net/10419/105566
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ