The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy

By Arvind Krishnamurthy, Annette Vissing-Jorgensen. 2011

625 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/7b2f4b119a3f4b8b39b33268cf4e165ce60fef17

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Citations in the corpus

ECB Policies Involving Government Bond Purchases: Impact and Channels (2017, positive): “This effect has been important for the US quantitative easing programs, as explained in Krishnamurthy and Vissing-Jorgensen (2011).”
The Impact of Recent Central Bank Asset Purchase Programmes (2011, positive): “…operation, the estimated impact on longer-term bond yields ranges from 14 basis points in Greenwood and Vayanos (2008) and 15 basis points in Krishnamurthy and Vissing-Jorgensen (2011) to 18 basis points in Gagnon et al (2011) for US asset purchases, and 40 basis points in Joyce et al…”
The Voice of Monetary Policy (2021, neutral): “Note that our sample does not include the first round of quantitative easing in 2009, which led to a strong stock market reaction (see, e.g., Chodorow-Reich, 2014; Krishnamurthy and Vissing-Jorgensen, 2011).”
The large scale asset purchases had large international effects (2010, positive): “On the other hand, Krishnamurthy and Vissing-Jorgensen (2011) interpret their event study to argue that purchasing Treasuries causes different effects than purchasing MBS or GSE debt in an event study.”
Assessing the Economy-Wide Effects of Quantitative Easing (2012, neutral): “Krishnamurthy and Vissing-Jorgensen (2011) examine both LSAP1 and the second round of Fed purchases (LSAP2) using an event study approach.”
The ins and outs of LSAPs (2013, methodology): “…federal funds futures contract, for contract maturities from March 2009 to October 2010, across a set of five LSAP event days (QE1) analyzed in Krishnamurthy and Vissing-Jorgensen (2011) (these dates were first studied by Gagnon, et. al., 2010, although they do not analyze the shift in the…”