The Financial Market Impact of Quantitative Easing in the United Kingdom

By Michael A. S. Joyce, Ana Lasaosa, Ibrahim Stevens, Matthew Tong. 2012

454 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/c6db46add593a33dcf94a3ed839d3174070bc099

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Citations in the corpus

International channels of the Fed’s unconventional monetary policy (2013, unknown): “For the UK, Joyce et al. (2011) cite swap rates to argue that the Bank of England’s purchases worked mainly through the PB channel. Christensen and Rudebusch (2012) confirm the importance of the PB channel in explaining the effects on domestic government yields. Neely (2012) documents large effects ”
Four stories of quantitative easing (2013, result): “Joyce et al. (2011) find that the BOE’s QE program had bond yield effects quantitatively similar to those reported by Gagnon et al. (2011a,b) for the U.S. program.”
The United Kingdom’s Quantitative Easing Policy: Design, Operation and Impact (2011, unknown): “Chart 5 (taken from Joyce et al (2011)) shows the average reaction of medium to long-term gilt yields to the six pieces of QE news highlighted in Table A. (1) By far the largest gilt market reaction was in March 2009 (75 basis points) when the QE programme was first announced, but there were also…”
The Signaling Channel for Federal Reserve Bond Purchases (2013, unknown): “Some recent papers have also discussed a liquidity/market functioning channel through which LSAPs could affect bond premia, including, for example, GRRS, Krishnamurthy and Vissing-Jorgensen (2011), and Joyce et al. (2010). This channel would seem most relevant for limited periods of market dislocati”
How Quantitative Easing Works: Evidence on the Refinancing Channel (2016, unknown): “and Kandrac and Schlusche (2013).9 In addition to providing evidence corroborating the results highlighted by these papers on the effects of QE on asset returns, we document how LSAPs shaped refinancing activities in the aftermath of the crisis and trace the transmission of LSAPs to the real economy”
Evaluating Asset-Market Effects of Unconventional Monetary Policy: A Cross-Country Comparison (2014, background): “Another approach, considered by Cahill et al. (2013) and Joyce et al. (2011), is to estimate the effects of the surprise component of asset purchase announcements, using survey expectations to measure these surprises.”
U.S. Unconventional Monetary Policy and Transmission to Emerging Market Economies (2014, background): “We also deviate slightly from the identification condition in Wright (2012) and assume that monetary policy shocks have higher-than-average variance on days of unconventional monetary policy announcements, yet the variance of any other shock to the economy is constant throughout the sample. Also usi”
The impact of the ECB's conventional and unconventional monetary policies on stock markets (2016, background): “Some studies use survey data from professional forecasters (e.g. Ehrmann and Fratzscher (2004) for the US and Joyce et al. (2011) for the UK), while Rosa (2012) measures expectations based on newspaper articles judging whether actual Fed and Bank of England QE policy measures were more expansionary…”
On the International Spillovers of US Quantitative Easing (2018, unknown): “2011; D’Amico and King 2011; Wright, 2011), with similar evidence for the UK (Joyce et al. 2011), while yielding more mixed evidence for the effectiveness of the Term Auction Facility (Thornton, 2010) and MBS purchases (Hancock and Passmore 2011, Stroebel and Taylor 2012).”
Government Bonds and Their Investors: What are the Facts and Do They Matter? (2012, unknown): “This approach has been used to estimate the impact of portfolio shifts from central banks’ quantitative easing programs (Joyce et al., 2010; Neely, 2010) or foreign reserve management.”