International Channels of the Fed’s Unconventional Monetary Policy
نویسندگان
چکیده
منابع مشابه
International Channels of the Fed’s Unconventional Monetary Policy
Previous research has established that the Federal Reserve’s large scale asset purchases (LSAPs) significantly influenced international bond yields. This paper uses dynamic term structure models to decompose international yield changes into changes in expected short-term interest rates and term premia, which sheds light on the channels through which the LSAP effects occurred. We find that LSAPs...
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Figure 1 displays the facts that motivate this discussion. Interest rate spreads increased somewhat at the start of the 2007 recession and then widened substantially after August 2008. The Federal Reserve initiated a program of unconventional monetary policy in the fall of 2007, by purchasing privately issued assets and by permitting banks to use privately issued assets as collateral at the dis...
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Following the recent waves of financial crises in the advanced economies and a prolonged period of low interest rates, major parts of the world economy are experiencing low growth, a rise in financial volatility, and low rates of inflation. Specifically, in Japan and in large parts of the eurozone the crises persist. In large parts of the world, unconventional monetary policies—that is, ultra-l...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2012
ISSN: 1556-5068
DOI: 10.2139/ssrn.2138402