The Financial Market Impact of Quantitative Easing

By Michael A. S. Joyce, Ana Lasaosa, Ibrahim Stevens, Matthew Tong. 2010

354 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/cb5bd2cd017e5052f2c58cf72cbd838173c7a1c0

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In Economics and Econometrics

Citations in the corpus

The large scale asset purchases had large international effects (2010, neutral): “Gagnon et al (2011a), Joyce et al. (2011), and Hamilton and Wu (2012) have emphasized PB effects as the primary channel through which official asset purchases affected asset prices.”
The Impact of the Eurosystem's Covered Bond Purchase Programme on the Primary and Secondary Markets (2011, background): “Joyce et al. (2010) note that the portfolio balance effect on yields is likely to be persistent given that it is dependent upon market expectations on the stock of bonds.”
The Financial Market Impact of Quantitative Easing in the United Kingdom (2012, background): “But, in addition, as 20A more detailed discussion of the reaction of other asset prices can be found in Joyce et al. (2010).”
The Impact of Recent Central Bank Asset Purchase Programmes (2011, positive): “ Benford et al (2009) and Cross et al (2010) provide detailed accounts of the APF, and Joyce et al (2010) estimate the impact of the asset purchases on financial markets. also reduce uncertainty, inspire confidence and drive down risk premia while supporting asset prices.”
The Signaling Channel for Federal Reserve Bond Purchases (2013, neutral): “Some researchers have focused on a fairly extreme market segmentation version of the portfolio balance channel in which an absence of arbitrageurs leads essentially to a complete disconnect between markets (Joyce et al., 2010).”
The ECB Unconventional Monetary Policies: Have They Lowered Market Borrowing Costs for Banks and Governments? (2012, background): “The SMP was also the most effective in improving longer-term bank refinancing conditions as it 3For the United States see for instance Hamilton & Wu (2012), Krishnamurthy & Vissing-Jorgensen (2011), Szczerbowicz (2011) or Taylor & Williams (2009), for the United Kingdom Joyce et al. (2011).”
The Financial Market Impact of UK Quantitative Easing (2012, methodology): “First we estimate a macro-finance model of the UK government liability curve which allows us to construct a counterfactual estimate of the term structure over the QE period and, under some strong assumptions, to simulate the impact of QE on the yield curve directly.”
Unconventional Monetary Policy and the Great Recession: Estimating the Macroeconomic Effects of a Spread Compression at the Zero Lower Bound (2012, positive): “…Q4 -16 -14 -12 -10 -8 -6 -4 -2 0 2 2008Q2 Q4 2009Q2 Q4 -8 -6 -4 -2 0 2 4 6 Inflation, actual and counterfactual corridor Real GDP growth, actual and counterfactual corridor basis points and by Joyce et al. (2011), who arrive at estimates for the financial market effects of up to 100 basis points.”
Necessity As the Mother of Invention: Monetary Policy after the Crisis (2017, background): “To cite just one such example, Klomp (2010) concludes that while high credit growth, negative GDP growth, and high real interest rates are important leading indicators of a banking crisis, none of them has a significant impact in more than 60 per cent of banking crises. Second, is monetary policy re”