Large-scale asset purchases by the Federal Reserve: did they work?

By Joseph E. Gagnon, Matthew Raskin, Julie Remache, Brian P. Sack. 2010

647 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/538f4090d5e8e42c746f3ee5d6905ba2098c2663

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Citations in the corpus

The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment (2011, neutral): “Deutsche Bank (2010) attempted to synthesize the estimates of Gagnon et al. (2010), Macroeconomic Advisers, and their own research staff, and estimated that $1 trillion in longterm purchases in the current setting might produce a 50-basis-point decline in long-term yields, which we’ve translated as ”
Can Information Be Locked-Up? Informed Trading Ahead of Macro-News Announcements (2016, positive): “Following prior studies (e.g., Gagnon et al (2011), Krishnamurthy and Vissing-Jorgensen (2011), Hamilton and Wu (2012)), we identify the information content of QE-related announcements 16The FOMC adopted a new policy of setting a range for the target rate since October 19, 2008.”
The Transmission of Monetary Policy through Bank Lending: The Floating Rate Channel (2017, neutral): “…effects of unconventional monetary policy are either more descriptive in nature and do not provide a measure of the monetary policy surprise (e.g. Gagnon et al. (2010) and Krishnamurthy and Vissing-Jorgenson (2011)), or base the surprise on a subset of the assets employed by Wright (2012) (e.g.…”
Necessity As the Mother of Invention: Monetary Policy after the Crisis (2017, neutral): “For instance, Gagnon et al. (2011) conclude that U.S. longer-term rates dropped by up to 150 basis points around QE1 announcements, while Joyce et al. (2011) conclude that announcements of gilt purchases by the Bank of England in 2009 and 2010 reduced U.K. yields by 100 basis points.”
QE 1 vs. 2 vs. 3. . . : A Framework for Analyzing Large-Scale Asset Purchases as a Monetary Policy Tool (2013, neutral): “Since neither component of the maximum adjusted leverage ratio φt depends on bank specific factors, we can simply sum across the portfolio restriction on each individual bank (14) to obtain”
Flow and stock effects of large-scale Treasury purchases (2010, neutral): “Some previous studies of LSAPs, such as Gagnon et al. (2010), have tried to identify their effects by looking at the reaction of prices within specific event windows around important announcements.”
Evaluating asset-market effects of unconventional monetary policy: a multi-country review (2014, neutral): “Gagnon et al. (2011) add up the announcement effects of LSAP announcements from November 2008 to November 2009 on 10-year yields, and find that it comes to 91 basis points.”
Non-Standard Monetary Policy Measures and Monetary Developments (2010, neutral): “15 To evaluate the Eurosystem’s non-standard measures on this basis, we use the analytical machinery developed in Giannone et al. (2010).(20) This paper presents an empirical model of the euro area economy, which – in addition to the normal set of macroeconomic variables – captures the joint cyclica”
The large scale asset purchases had large international effects (2010, neutral): “Aït-Sahalia et al. (2012) take the broadest view of financial crisis policy interventions by looking at pooled and unpooled effects of different types of interventions —i.e., interest rate cuts, liquidity support, liability guarantees, and recapitalization —across countries.”
A Tale of Two Decades: The Ecb's Monetary Policy at 20 (2019, neutral): “Geiger and Schupp (2018), by contrast, find a more distinct role for additional signalling effects.”
Monetary policy after the fall (2010, neutral): “In the United States, the monetary policy shocks are associated with, on average, an extra 0.6 percentage points on annual real credit growth and an extra 1.5 percentage points on annual real house price inflation.”