Large-Scale Asset Purchases by the Federal Reserve PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Large-Scale Asset Purchases by the Federal Reserve PDF full book. Access full book title Large-Scale Asset Purchases by the Federal Reserve by Joseph Gagnon. Download full books in PDF and EPUB format.
Author: Joseph Gagnon Publisher: DIANE Publishing ISBN: 1437930891 Category : Business & Economics Languages : en Pages : 43
Book Description
Since Dec. 2008, the Fed. Reserve¿s traditional policy instrument, the target federal funds rate, has been near zero. In order to further ease the stance of monetary policy as the economic outlook deteriorated, the Fed. Reserve purchased substantial quantities of assets with medium and long maturities. This paper explains how these purchases were implemented and discusses how they can affect the economy. The purchases led to meaningful and long-lasting reductions in longer-term interest rates (IR) on a range of securities, incl. securities that were not included in the purchase programs. These reductions in IR primarily reflect lower risk premiums, including term premiums, rather than lower expectations of future short-term IR. Tables.
Author: Joseph Gagnon Publisher: DIANE Publishing ISBN: 1437930891 Category : Business & Economics Languages : en Pages : 43
Book Description
Since Dec. 2008, the Fed. Reserve¿s traditional policy instrument, the target federal funds rate, has been near zero. In order to further ease the stance of monetary policy as the economic outlook deteriorated, the Fed. Reserve purchased substantial quantities of assets with medium and long maturities. This paper explains how these purchases were implemented and discusses how they can affect the economy. The purchases led to meaningful and long-lasting reductions in longer-term interest rates (IR) on a range of securities, incl. securities that were not included in the purchase programs. These reductions in IR primarily reflect lower risk premiums, including term premiums, rather than lower expectations of future short-term IR. Tables.
Author: Publisher: ISBN: Category : Languages : en Pages : 41
Book Description
Since December 2008, the Federal Reserve’s traditional policy instrument, the target federal funds rate, has been effectively at its lower bound of zero. In order to further ease the stance of monetary policy as the economic outlook deteriorated, the Federal Reserve purchased substantial quantities of assets with medium and long maturities. In this paper, we explain how these purchases were implemented and discuss the mechanisms through which they can affect the economy. We present evidence that the purchases led to economically meaningful and long-lasting reductions in longer-term interest rates on a range of securities, including securities that were not included in the purchase programs. These reductions in interest rates primarily reflect lower risk premiums, including term premiums, rather than lower expectations of future short-term interest rates. -- Term premium ; portfolio balance ; zero bound ; monetary policy ; duration ; bond yield
Author: Adina Popescu Publisher: ISBN: Category : Languages : en Pages : 66
Book Description
This paper analyzes the effects of the Federal Reserve's Large-Scale Asset Purchase (LSAP) programs on a large set of macroeconomic variables (based on the Stock and Watson (2002) dataset), over a sample covering the entire duration of quantitative easing policies. We find that these unconventional policies have significantly stimulated the real economy, boosting output, income, consumption, industrial activity, investment and confidence. They also spurred a recovery in the labor and housing markets. At the same time, in spite of the increase in money and credit aggregates, there has been little positive impact on inflation or wages. Our results are robust to analyzing LSAP announcements versus actual asset purchases. The estimates suggest that both the portfolio rebalancing and the signaling channels have been of considerable importance for the transmission of asset purchases to the broader economy.
Author: Nombulelo Gumata Publisher: Springer Nature ISBN: 303066340X Category : Business & Economics Languages : en Pages : 556
Book Description
This book explores the macro-financial effects of central bank balance sheets, macro-prudential tools, and financial regulation in South Africa. How employment can be maximised while keeping inflation low and stable is examined in relation to the structural changes required to alter the composition of South African bank balance sheets. Quantitative methods and approaches are utilised to highlight the impact of suggested policies. This book aims to outline strategies and policy interventions that can help achieve the National Development Plan in South Africa. It will be of interest to researchers and policymakers working within development economics, African economics, development finance, and financial policy.
Author: Stefania D'Amico Publisher: DIANE Publishing ISBN: 1437941648 Category : Business & Economics Languages : en Pages : 40
Book Description
This is a print on demand edition of a hard to find publication. Using a panel of daily CUSIP-level data, the authors study the effects of the Federal Reserve¿s program to purchase $300 billion of U.S. Treasury coupon securities announced and implemented during 2009. The authors find that each purchase operation, on average, caused a decline in yields in the sector purchased of 3.5 basis points on the days when these purchases occurred (the ¿flow effect¿ of the program). In addition, the program as a whole resulted in a persistent downward shift in the yield curve of as much as 50 basis points (the ¿stock effect¿), with the largest impact in the 10- to 15-year sector. The coefficient patterns generally support a view of segmentation or imperfect substitution within the Treasury market. Charts and tables.
Author: Benjamin Remy Chabot Publisher: ISBN: Category : Languages : en Pages : 13
Book Description
The authors find that between 1870 and 1913, large open market purchases of Treasury securities made by the U.S. Treasury Department narrowed the yield spread between Treasury bonds with high interest rate risk (the risk of an investment's value changing on account of interest rate changes) and those with low interest rate risk.
Author: Joseph Gagnon
Author: Joseph Gagnon
Author: 
Author: Adina Popescu
Author: Vasco Cúrdia
Author: Nombulelo Gumata
Author: Christopher J. Neely
Author: Stefania D'Amico
Author: Stefania D'Amico
Author: Sinead A. Knightly
Author: Benjamin Remy Chabot