The Impact of Recent Central Bank Asset Purchase Programmes

By Feng Zhu, M. Bech, C. Borio, Stephen G Cecchetti. 2011

154 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/1c1c39f4d9bb3bf362b631338be567be13789d01

Citations in the corpus

• Asset Purchase Programmes and Financial Markets: Lessons from the Euro Area (2015, unknown): “This is supported by cross-sectional analysis of CUSIP-level Treasury bond prices, which finds strong effects of LSAP1 (see, D’Amico and King, 2013), and smaller effects of subsequent programmes launched in less-stressed financial market conditions (see, Meaning and Zhu, 2011).”
• The ECB Unconventional Monetary Policies: Have They Lowered Market Borrowing Costs for Banks and Governments? (2012, unknown): “…of subsequent asset purchasing programs seems to be a general response of financial markets, also valid for asset purchases in the U.S. and in the U.K. where the first programs had far greater impact on sovereign bonds and on corporate bond yields than the later programs Meaning & Zhu (2011).”
• A High Frequency Assessment of the ECB Securities Markets Programme (2017, unknown): “the Federal Reserve and Bank of England and reviewed by Kozicki, Santor, and Suchanek (2011) and Meaning and Zhu (2011) among others.”
• A Shadow Policy Rate to Calibrate US Monetary Policy at the Zero Lower Bound (2014, unknown): “Among others, Meaning and Zhu (2011, 2012) used changes in the size and maturity of the Federal Reserve asset holdings to estimate the impact of central bank asset purchases on the yield curve.”
• The effectiveness of unconventional monetary policy at the zero lower bound : a cross-country analysis (2014, unknown): “The importance of the stock effect of bond purchases, that is, the negative impact on bond yields of higher bond holdings by the central bank, is emphasized and demonstrated in a number of recent papers (e.g., D’Amico and King 2010, Meaning and Zhu 2011).”
• The Influence of Monetary Policy on Bank Profitability (2017, unknown): “…there are good reasons to believe that both the level of interest rates and the slope of the yield curve are associated with higher net 3 See eg Meaning and Zhu (2011) on the impact of the Federal Reserve and Bank of England asset- purchase programmes on Treasury yields and other financial…”
• Financial Crisis, US Unconventional Monetary Policy and International Spillovers (2015, unknown): “11 Examples include Pesaran and Smith (2006) and Dees, di Mauro, Smith and Pesaran (2007), where the 90 percent bootstrapped error bands around the mean estimates of impulse responses are generally large and include zero.”