2011
DOI: 10.1353/eca.2011.0019
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The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy

Abstract: the NAPA Conference on Financial Markets Research, and the European Finance Association for their suggestions. We thank Kevin Crotty and Juan Mendez for research assistance. This paper was prepared for the Brookings Papers on Economic Activity Fall 2011 issue. We have received an honorarium for the presentation of the paper at Brookings. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. At least one co-author has disclosed … Show more

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Cited by 942 publications
(783 citation statements)
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“…Including L introduces a demand for risk-free government bonds that is absent from existing empirical NK models. Krishnamurthy and Vissing-Jorgensen (2011) used such preferences to study the market for government securities.…”
Section: Householdsmentioning
confidence: 99%
“…Including L introduces a demand for risk-free government bonds that is absent from existing empirical NK models. Krishnamurthy and Vissing-Jorgensen (2011) used such preferences to study the market for government securities.…”
Section: Householdsmentioning
confidence: 99%
“…The earliest and perhaps most important event study was Gagnon et al's (2011a,b) research that found that the first Federal Reserve large-scale asset purchase (LSAP) announcements in 2008-2009 substantially reduced U.S. long-term yields (see also Kohn, 2009;Meyer andBomfim, 2010, Krishnamurthy andVissing-Jorgensen (2011)). …”
Section: Us Treasury Housing and Corporate Bondsmentioning
confidence: 99%
“…they focus on the patterns of specific variables, such as yields, within a narrow time interval between the announcement or the implementation of a policy. Evidence provided by event studies has been generally supportive of the effectiveness of QE policies, both in the US (Klyuev et al, 2009;Blinder, 2010;Neely, 2010;Gagnon et al, 2011;Krishnamurthy and Vissing-Jorgensen, 2011;Swanson, 2011;Glick and Leduc, 2012) and in the UK (Klyuev et al, 2009;Meier, 2009;Joyce et al, 2011b;Glick and Leduc, 2012;Joyce and Tong, 2012).…”
Section: Introductionmentioning
confidence: 97%