The Effects of Quantitative Easing on Interest Rates

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Forward Guidance and Macroeconomic Outcomes since the Financial Crisis (2016, background): “So for this stylized version of the Kuttner procedure to yield reasonably accurate sequences of contemporaneous policy shocks, the term premium should vary little across meetings and the central bank should not base its current policy rate choices on any private information in its possession. The re”
Effects of Unconventional Monetary Policy on Financial Institutions (2014, background): “…to previous work finding that lower grade corporate bond prices reacted positively to the initial round of QE due to a decline in default risk (Krishnamurthy and Vissing-Jorgensen, 2011), and that unconventional policy lowered downside tail risk in a broad class of asset prices (Hattori et…”
Central bank announcements of asset purchases and the impact on global financial and commodity markets (2012, methodology): “2 Krishnamurthy and Vissing-Jorgensen (2011) discuss other transmission channels of asset purchases, involving the lowering of mortgage prepayment risk (if purchases involve mortgage back securities), the lowering of corporate default risk, or the raising of inflation expectations.”