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  1. "Quantitative easing" and central bank asset purchases in South Africa
    a DSGE approach
    Autor*in: Vermeulen, Cobus
    Erschienen: November 2020
    Verlag:  Economic Research Southern Africa, [Cape Town]

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    Schriftenreihe: ERSA working paper ; 841
    Schlagworte: open-economy DSGE; central bank asset purchases; quantitative easing; portfolio balance theory
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  2. A global monetary policy factor in sovereign bond yields
    Autor*in: Malliaropulos, Dimitris; Migiakis, Petros
    Erschienen: July 2022
    Verlag:  Bank of Greece, Athens

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    Schriftenreihe: Working paper / Bank of Greece ; 301
    Schlagworte: quantitative easing; central bank balance sheet policies; sovereign risk; interest rates; panel cointegration
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  3. A sectoral framework for analysing money, credit and unconventional monetary policy
    Erschienen: 2015
    Verlag:  Bank of England, London

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    Schriftenreihe: Staff working paper / Bank of England ; 556
    Schlagworte: Monetary policy; quantitative easing; business cycles; money; credit; sectoral modelling
    Umfang: Online-Ressource (53 S.), graph. Darst.
  4. Bank reserves and broad money in the global financial crisis
    a quantitative evaluation
    Autor*in: Chadha, Jagjit; Corrado, Luisa; Meaning, Jack; Schuler, Tobias
    Erschienen: [2020]
    Verlag:  National Institute of Economic and Social Research, London

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    Schriftenreihe: NIESR discussion paper ; (no. 519 11 November 2020)
    Schlagworte: non-conventional monetary policy; quantitative easing; liquidity provision
    Umfang: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  5. Causal effects of the Fed's large-scale asset purchases on firms' capital structure
    Autor*in: Nocera, Andrea; Pesaran, M. Hashem
    Erschienen: April 2022
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    This paper investigates the short- and long-term impacts of the Federal Reserve's large-scale asset purchases (LSAPs) on the capital structure of U.S. non-financial firms. To isolate the effects of LSAPs from the impact of concurrent macroeconomic... mehr

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    This paper investigates the short- and long-term impacts of the Federal Reserve's large-scale asset purchases (LSAPs) on the capital structure of U.S. non-financial firms. To isolate the effects of LSAPs from the impact of concurrent macroeconomic conditions, we exploit cross-industry variations in the ability of firms therein to raise external funds without exhausting their debt capacity. We show that firms' responses to LSAPs strongly depend on the financing decisions of other peers in the same industry. The higher the proportion of firms without high debt burdens in an industry, the stronger the response of firms within the industry to the Fed's asset purchases. Overall, our results show that LSAPs facilitated firms' access to debt financing and that the impacts of LSAPs on firms' capital structure are likely to be long-lasting.

     
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    Schriftenreihe: CESifo working paper ; no. 9695 (2022)
    Schlagworte: capital structure; identification; interactive effects; leverage; quantitative easing; unconventional monetary policy
    Umfang: 1 Online-Ressource (circa 89 Seiten), Illustrationen
  6. Causal effects of the Fed's large-scale asset purchases on firms' capital structure
    Autor*in: Nocera, Andrea; Pesaran, M. Hashem
    Erschienen: [2022]
    Verlag:  University of Cambridge, Faculty of Economics, Cambridge

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    Schriftenreihe: Cambridge working paper in economics ; 2224
    Schlagworte: Capital structure; identification; interactive effects; leverage; quantitative easing; unconventional monetary policy
    Umfang: 1 Online-Ressource (circa 88 Seiten), Illustrationen
  7. Central bank asset purchase programs in emerging market economies
    Autor*in: Beirne, John; Sugandi, Eric
    Erschienen: [2023]
    Verlag:  Asian Development Bank Institute, Tokyo, Japan

    We investigate the impact of asset purchase programs (APPs) by 14 EME central banks during COVID-19, finding a statistically significant effect in compressing bond spreads vis-à-vis the US. A counterfactual analysis shows that in the absence of APPs,... mehr

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    We investigate the impact of asset purchase programs (APPs) by 14 EME central banks during COVID-19, finding a statistically significant effect in compressing bond spreads vis-à-vis the US. A counterfactual analysis shows that in the absence of APPs, EME bond spreads would have been significantly higher. Country-specific VAR impulse response functions indicate that a shock imposed on asset purchases becomes persistent on bond spreads after around five to ten days, with a peak effect of around 40 basis points. Persistent stabilizing effects are also found on exchange rates and capital flow volatility, while stock markets and inflation expectations are overall not affected by the APPs.

     
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    Schriftenreihe: ADBI working paper series ; no. 1364 (March 2023)
    Schlagworte: asset purchase program; quantitative easing; emerging market economies
    Umfang: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  8. Collateral scarcity and market functioning
    insights from the eurosystem securities lending facilities
    Autor*in: Greppmair, Stefan; Jank, Stephan
    Erschienen: [2023]
    Verlag:  Deutsche Bundesbank, Frankfurt am Main

    We utilize the Eurosystem securities lending facilities as a laboratory to investigate the impact of collateral scarcity on market functioning. The reduction of securities lending fees, implemented in November 2020, provides a natural experiment for... mehr

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    We utilize the Eurosystem securities lending facilities as a laboratory to investigate the impact of collateral scarcity on market functioning. The reduction of securities lending fees, implemented in November 2020, provides a natural experiment for our analyses. This policy change results in a surge in the utilization of securities lending facilities, particularly for bonds with limited supply elasticity in the repo market. We find no evidence of substitution effects; instead, the overall activity in the repo market expands through the collateral multiplier. The improved pricing conditions alleviate collateral scarcity and enhance market quality in both the repo and cash markets.

     
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    ISBN: 9783957299666
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    Schriftenreihe: Discussion paper / Deutsche Bundesbank ; no 2023, 31
    Schlagworte: safe assets; collateral scarcity; monetary policy; quantitative easing; securities lending facilities; repo; market functioning
    Umfang: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  9. Coping with policy normalization in high-income countries
    Erschienen: January 2014
    Verlag:  The World Bank, Washington, DC

    High-income economies appear to be finally turning the corner, contributing to a projected acceleration in global growth from 2.4 percent in 2013 to 3.2 percent this year, 3.4 percent in 2015, and 3.5 percent in 2016. Overall, growth in developing... mehr

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    High-income economies appear to be finally turning the corner, contributing to a projected acceleration in global growth from 2.4 percent in 2013 to 3.2 percent this year, 3.4 percent in 2015, and 3.5 percent in 2016. Overall, growth in developing countries is projected to pick up modestly from 4.8 percent in 2013 to 5.3 percent this year, 5.5 percent in 2015, and 5.7 percent in 2016. In the baseline, the withdrawal of quantitative easing (and its effect on the long end of U.S. interest rates) is assumed to follow a relatively slow orderly trajectory. If, however, the taper is met with an abrupt market adjustment, capital inflows could weaken sharply???placing renewed stress on vulnerable developing economies. In a scenario where long-term interest rates rise rapidly by 100 basis points, capital inflows could decline by as much as 50 percent for several quarters.

     
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    Quelle: Staatsbibliothek zu Berlin
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    ISBN: 9781464802010
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    hdl: 10986/16572
    Schriftenreihe: Global economic prospects ; volume 8 (January 2014)
    A World Bank Group flagship report
    Schlagworte: Cash Flow; Zins; Inflationserwartung; Industrieländer; capital flows; developing countries; forecast; growth; high-income countries; inflation; macroeconomics; quantitative easing; unemployment
    Umfang: 1 Online-Ressource (circa 162 Seiten), Illustrationen
  10. Coping with policy normalization in high-income countries
    Erschienen: January 2014
    Verlag:  The World Bank, Washington, DC

    High-income economies appear to be finally turning the corner, contributing to a projected acceleration in global growth from 2.4 percent in 2013 to 3.2 percent this year, 3.4 percent in 2015, and 3.5 percent in 2016. Overall, growth in developing... mehr

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    High-income economies appear to be finally turning the corner, contributing to a projected acceleration in global growth from 2.4 percent in 2013 to 3.2 percent this year, 3.4 percent in 2015, and 3.5 percent in 2016. Overall, growth in developing countries is projected to pick up modestly from 4.8 percent in 2013 to 5.3 percent this year, 5.5 percent in 2015, and 5.7 percent in 2016. In the baseline, the withdrawal of quantitative easing (and its effect on the long end of U.S. interest rates) is assumed to follow a relatively slow orderly trajectory. If, however, the taper is met with an abrupt market adjustment, capital inflows could weaken sharply???placing renewed stress on vulnerable developing economies. In a scenario where long-term interest rates rise rapidly by 100 basis points, capital inflows could decline by as much as 50 percent for several quarters.

     
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    Quelle: Staatsbibliothek zu Berlin
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    ISBN: 9781464802010
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    hdl: 10986/16572
    Schriftenreihe: Global economic prospects ; volume 8 (January 2014)
    A World Bank Group flagship report
    Schlagworte: Cash Flow; Zins; Inflationserwartung; Industrieländer; capital flows; developing countries; forecast; growth; high-income countries; inflation; macroeconomics; quantitative easing; unemployment
    Umfang: 1 Online-Ressource (circa 162 Seiten), Illustrationen
  11. Do term premiums matter?
    transmission via exchange rate dynamics
    Autor*in: Katagiri, Mitsuru; Takahashi, Koji
    Erschienen: 2021
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Schriftenreihe: BIS working papers ; no 971 (October 2021)
    Schlagworte: term premium; uncovered interest rateparity; quantitative easing
    Umfang: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  12. Does it matter if the Fed goes conventional or unconventional?
    Autor*in: Kolasa, Marcin; Wesołowski, Grzegorz
    Erschienen: 2024
    Verlag:  University of Warsaw, Faculty of Economic Sciences, Warsaw

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    Schriftenreihe: Working papers / University of Warsaw, Faculty of Economic Sciences ; no. 2024, 1 = 437
    Schlagworte: monetary policy; forward guidance; quantitative easing; international spillovers
    Umfang: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  13. Does quantitative easing affect people's personal financial situation and economic inequality?
    the view of the German population
    Autor*in: Hayo, Bernd
    Erschienen: [2020]
    Verlag:  Verein für Socialpolitik, [Köln]

    Using representative survey data collected in 2018, I study how laypersons in Germany perceive the effects of quantitative easing (QE) on their personal financial situation and on national economic inequality. Almost 40% think that their economic... mehr

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    Using representative survey data collected in 2018, I study how laypersons in Germany perceive the effects of quantitative easing (QE) on their personal financial situation and on national economic inequality. Almost 40% think that their economic situation is unaffected by QE, whereas 20% and 6% believe that QE has made them worse off or better off, respectively. Regarding economic inequality, about one-third of the population is of the opinion that QE contributes to inequality, only 10% think it does not, and 13% cannot perceive an impact. These groups with the different views are characterised using multivariate ordered logit models. First, respondents who feel that their personal economic situation has deteriorated as a result of QE tend to be savers, those with better objective knowledge about monetary policy affairs, and older people, whereas those who feel their situation has improved have more trust in the ECB and support conservative (CDU/CSU) parties. Second, the view that QE increases economic inequality in Germany is favoured by Left Party supporters, East Germans, and those with a relatively high level of monetary policy knowledge, whereas those who have more trust in the ECB have the opposite view. Third, persons with a high level of monetary policy knowledge, more formal education, and clear political preferences are more likely to answer the questions on the effects of QE.

     
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    hdl: 10419/242331
    Auflage/Ausgabe: This version: 22 December 2020
    Schriftenreihe: Jahrestagung 2021 / Verein für Socialpolitik ; 24
    Schlagworte: Economic inequality; income distribution; quantitative easing; QE; monetary policy; ECB,population survey; Germany
    Umfang: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  14. Does quantitative easing mitigate the sovereign-bank nexus?
    Autor*in: Bechtel, Alexander; Eisenschmidt, Jens; Ranaldo, Angelo
    Erschienen: January 6, 2021
    Verlag:  School of Finance, University of St. Gallen, St. Gallen

    The credit risk of the sovereign affects the financial health of its banking sector and vice versa, creating an adverse feedback loop known as “sovereign- bank nexus”. We show that Quantitative Easing can effectively mitigate the sovereign-bank... mehr

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    The credit risk of the sovereign affects the financial health of its banking sector and vice versa, creating an adverse feedback loop known as “sovereign- bank nexus”. We show that Quantitative Easing can effectively mitigate the sovereign-bank nexus. Our results indicate that the ECB’s Public Sector Purchase Programme reduced the co-movement of sovereign and bank credit risk by almost 80%. The mitigation is driven by the euro area periphery and works through three channels: (i) a reduction in government bond holdings of banks, (ii) an increase of government bond prices, and (iii) an increase in excess liquidity holdings of banks

     
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    Schriftenreihe: Working papers on finance ; no. 2021, 01
    Schlagworte: Sovereign-bank nexus; quantitative easing; Public Sector Purchase Programme; financial stability
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  15. Economic support during the COVID crisis
    quantitative easing and lending support schemes in the UK
    Autor*in: Fatouh, Mahmoud; Giansante, Simone; Ongena, Steven
    Erschienen: 2021
    Verlag:  Swiss Finance Institute, Geneva

    We investigate how the interaction of the Brexit and COVID waves of the Bank of England’s quantitative easing with the leverage ratio capital requirements or government COVID lending support schemes affected bank business lending. We find that the... mehr

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    We investigate how the interaction of the Brexit and COVID waves of the Bank of England’s quantitative easing with the leverage ratio capital requirements or government COVID lending support schemes affected bank business lending. We find that the former QE programme was particularly successful in increasing lending to nonfinancial businesses, except for QE-banks subject to the UK leverage ratio, suggesting that the latter ratio incentivized QE-banks to lend to business anyway. The government schemes helped expand lending especially to SMEs post QE COVID, indicating that complementing QE with other credit easing programmes can improve its impact on lending to the real economy. During COVID-stress, changes to the UK leverage ratio supported better market-making in securities markets, and additional QE liquidity boosted stronger repo market intermediation

     
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    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 21, 54
    Schlagworte: Monetary policy; quantitative easing; bank lending
    Umfang: 1 Online-Ressource (circa 14 Seiten), Illustrationen
  16. Effects of emerging market asset purchase program announcements on financial markets during the COVID-19 pandemic
    Autor*in: Sever, Can; Goel, Rohit; Drakopoulos, Dimitris; Papageorgiou, Evan
    Erschienen: December 2020
    Verlag:  International Monetary Fund, [Washington, DC]

    The COVID-19 pandemic led many emerging market central banks to adopt, for the first time, unconventional policies in the form of asset purchase programs. In this study, we analyze the effects of these announcements on domestic financial markets... mehr

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    The COVID-19 pandemic led many emerging market central banks to adopt, for the first time, unconventional policies in the form of asset purchase programs. In this study, we analyze the effects of these announcements on domestic financial markets using both event studies and local projections methodology. We find that these asset purchase announcements lowered bond yields, did not lead to a depreciation of domestic currencies, and did not have much effect on equities. While the immediate effect of asset purchases appears positive, further consideration of the risks and longer-term effects of unconventional monetary policies is needed. We highlight the trade-offs involved with the implementation of these measures, and discuss their risks. This working paper adds to the debate on how asset purchase programs should be a regular part of the emerging market policy toolkit

     
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    Schriftenreihe: IMF working paper ; WP/20, 292
    Schlagworte: COVID-19; pandemic; asset purchase program; quantitative easing; bonds; policy announcement; policy spillover; equities; foreign exchange; central banks; emerging markets
    Umfang: 1 Online-Ressource (circa 22 Seiten), Illustrationen
  17. Effects of emerging market asset purchase program announcements on financial markets during the COVID-19 pandemic
    Autor*in: Sever, Can; Goel, Rohit; Drakopoulos, Dimitris; Papageorgiou, Evan
    Erschienen: December 2020
    Verlag:  International Monetary Fund, [Washington, DC]

    The COVID-19 pandemic led many emerging market central banks to adopt, for the first time, unconventional policies in the form of asset purchase programs. In this study, we analyze the effects of these announcements on domestic financial markets... mehr

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    The COVID-19 pandemic led many emerging market central banks to adopt, for the first time, unconventional policies in the form of asset purchase programs. In this study, we analyze the effects of these announcements on domestic financial markets using both event studies and local projections methodology. We find that these asset purchase announcements lowered bond yields, did not lead to a depreciation of domestic currencies, and did not have much effect on equities. While the immediate effect of asset purchases appears positive, further consideration of the risks and longer-term effects of unconventional monetary policies is needed. We highlight the trade-offs involved with the implementation of these measures, and discuss their risks. This working paper adds to the debate on how asset purchase programs should be a regular part of the emerging market policy toolkit

     
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    Schriftenreihe: IMF working paper ; WP/20, 292
    Schlagworte: COVID-19; pandemic; asset purchase program; quantitative easing; bonds; policy announcement; policy spillover; equities; foreign exchange; central banks; emerging markets
    Umfang: 1 Online-Ressource (circa 22 Seiten), Illustrationen
  18. Effects of emerging markets’ asset purchase programs on financial markets
    Autor*in: Çerçil, İrfan; Gökçen, Cem Ali
    Erschienen: [2023]
    Verlag:  Central Bank of the Republic of Turkey, Head Office, Structural Economic Research Department, Ankara, Turkey

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    Schriftenreihe: Çalışma Tebliği / Türkiye Cumhuriyet Merkez Bankası ; no: 23, 08 (December 2023)
    Schlagworte: Covid-19; quantitative easing; asset purchase Program; Central banks; emerging markets,; local projections; augmented inverse probability weighting estimation
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  19. Essays in market microstructure
    Autor*in: Schaffner, Patrick
    Erschienen: 2023

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    Sprache: Englisch
    Medientyp: Dissertation
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    Weitere Identifier:
    hdl: 20.500.14171/107741
    5247
    Schlagworte: Geldmarkt; Wertpapierpensionsgeschäft; Interbankgeschäft; Geldpolitik; EMIR; collateral; tiered reserves; quantitative easing; Basler Eigenkapitalvereinbarung (2010); Repurchase agreement; Eurogeldmarkt; Basel III; Basel 3; Repo
    Umfang: 1 Online-Ressource (circa 115 Seiten), Illustrationen
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    Dissertation, University of St.Gallen, 2022
  20. Essays on monetary policy, safe assets, and the repo market
    Autor*in: Bechtel, Alexander
    Erschienen: 2021

    This dissertation analyzes topics related to unconventional monetary policy, safe assets, short-term funding, and the market for repurchase agreements. mehr

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    This dissertation analyzes topics related to unconventional monetary policy, safe assets, short-term funding, and the market for repurchase agreements.

     
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    Sprache: Englisch
    Medientyp: Dissertation
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    Weitere Identifier:
    Dissertation no. 5091
    Schlagworte: Geldmarkt; Geldpolitik; Wertpapierpensionsgeschäft; Interbankgeschäft; liquidity risk; repos; interbank market; funding risk; sovereign-bank nexus; safe assets; quantitative easing; repurchase agreements; money market
    Umfang: 1 Online-Ressource (circa 160 Seiten), Illustrationen
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    Dissertation, University of St. Gallen, 2021
  21. Excess liquidity in the euro area
    sources and remedies
    Autor*in: Dąbrowski, Marek
    Erschienen: [2023]
    Verlag:  CASE, Center for Social and Economic Research, Warsaw, Poland

    The excess liquidity in the euro area is a product of a long period of quantitative easing. It changed the operational framework of the European Central Bank (ECB)’s monetary policy from the scarce reserves system (SRS) to the abundant reserves... mehr

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    The excess liquidity in the euro area is a product of a long period of quantitative easing. It changed the operational framework of the European Central Bank (ECB)’s monetary policy from the scarce reserves system (SRS) to the abundant reserves system (ARS). To eliminate excess liquidity and return to the SRS, the ECB must intensify quantitative tightening, which is also essential for successful disinflation. Fiscal adjustment can help in this process and mitigate the risk of financial instability. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 25 September 2023.

     
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    ISBN: 9788367407106
    Schriftenreihe: CASE reports ; no. 507 (2023)
    Schlagworte: iquidity; monetary policy; base money; central bank assets; central bank liabilities; scarce reserve system; abundant reserve system; quantitative easing; quantitative tightening; euro area; European Central Bank; US Federal Reserve System
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  22. Fed QE and bank lending behaviour
    a heterogeneity analysis of asset purchases
    Autor*in: Grimaldi, Marianna; Kapoor, Supriya
    Erschienen: [2023]
    Verlag:  Sveriges Riksbank, Stockholm

    Though unconventional monetary policy is still new, already there is a conventional wisdom that the impact of monetary policy is related to the composition of the asset mix. This turns out to be incomplete and potentially misleading. In this paper,... mehr

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    Though unconventional monetary policy is still new, already there is a conventional wisdom that the impact of monetary policy is related to the composition of the asset mix. This turns out to be incomplete and potentially misleading. In this paper, we find more complex effects on bank lending from Quantitative Easing (QE) introduced by the Federal Reserve Bank in 2008. The novelty of our approach is to augment the model with bank-level heterogeneity. While there is a relation between lending and the type of assets purchased by the central bank, the impact on similarly QE-exposed banks is also crucially dependent on banks' solvency and liquidity exposures. Our results highlight that it is necessary to take heterogeneity of exposure into account when assessing the effects of QE.

     
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    Schriftenreihe: Sveriges Riksbank working paper series ; 428
    Schlagworte: large-scale asset purchases; Federal Reserve; quantitative easing; heterogeneity; liquidity; solvency
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  23. Fifty shades of QE
    comparing findings of central bankers and academics
    Autor*in: Fabo, Brian; Jancoková, Martina; Kempf, Elisabeth; Pástor, Ľuboš
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    We compare the findings of central bank researchers and academic economists regarding the macroeconomic effects of quantitative easing (QE). We find that central bank papers find QE to be more effective than academic papers do. Central bank papers... mehr

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    We compare the findings of central bank researchers and academic economists regarding the macroeconomic effects of quantitative easing (QE). We find that central bank papers find QE to be more effective than academic papers do. Central bank papers report larger effects of QE on output and in ation. They also report QE effects on output that are more significant, both statistically and economically, and they use more positive language in the abstract. Central bank researchers who report larger QE effects on output experience more favorable career outcomes. A survey of central banks reveals substantial involvement of bank management in research production.

     
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    ISBN: 9789289948074
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    hdl: 10419/237723
    Schriftenreihe: Working paper series / European Central Bank ; no 2584 (August 2021)
    Schlagworte: economic research; quantitative easing; QE; central bank; career concerns
    Umfang: 1 Online-Ressource (circa 153 Seiten), Illustrationen
  24. Fifty shades of QE
    robust evidence
    Autor*in: Fabo, Brian; Jancoková, Martina; Kempf, Elisabeth; Pástor, Ľuboš
    Erschienen: 16 March 2023
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP17998
    Schlagworte: Economic research; quantitative easing; QE; central bank; career concerns
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  25. Fifty shades of QE
    robust evidence
    Autor*in: Fabo, Brian; Jancoková, Martina; Kempf, Elisabeth; Pástor, Ľuboš
    Erschienen: [2023]
    Verlag:  Institute for Monetary and Financial Stability, Goethe University Frankfurt, Frankfurt am Main

    Fabo, Jančoková, Kempf, and Pástor (2021) show that papers written by central bank researchers find quantitative easing (QE) to be more effective than papers written by academics. Weale and Wieladek (2022) show that a subset of these results lose... mehr

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    Fabo, Jančoková, Kempf, and Pástor (2021) show that papers written by central bank researchers find quantitative easing (QE) to be more effective than papers written by academics. Weale and Wieladek (2022) show that a subset of these results lose statistical significance when OLS regressions are replaced by regressions that downweight outliers. We examine those outliers and find no reason to downweight them. Most of them represent estimates from influential central bank papers published in respectable academic journals. For example, among the five papers finding the largest peak effect of QE on output, all five are published in high-quality journals (Journal of Monetary Economics, Journal of Money, Credit and Banking, and Applied Economics Letters), and their average number of citations is well over 200. Moreover, we show that these papers have supported policy communication by the world's leading central banks and shaped the public perception of the effectiveness of QE. New evidence based on quantile regressions further supports the results in Fabo et al. (2021).

     
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    hdl: 10419/271055
    Schriftenreihe: Working paper series / Institute for Monetary and Financial Stability ; no. 181 (2023)
    Schlagworte: Economic research; quantitative easing; QE; central bank; career concerns
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen