This paper assesses the macroeconomic effects of unconventional monetary policies by
estimating a panel vector autoregression (VAR) with monthly data from eight advanced …

This paper investigates the impact of lower mortgage rates on household balance sheets
and other economic outcomes during the housing crisis. We use proprietary loan-level panel …

This paper develops a simple dynamic stochastic general equilibrium (DSGE) model
capable of evaluating the effect of large purchases of treasuries by central banks. The model …

All that quantitative easing (QE) does is to restructure the maturity of US government debt in
private hands. Now, of all the stories you've heard why unemployment is stubbornly high …

In this paper, I evaluate a potential cost of large-scale asset programs, also known as
quantitative easing (QE). Specifically, I assess the effect of ongoing Federal Reserve …

We conduct an empirical analysis of the Federal Reserve's large-scale asset purchases
(LSAPs) on MBS yields and mortgage rates. The Federal Reserve's accumulation of MBS …

This paper assesses the emerging market experience with inflation targeting in recent years.
It places this experience in the broader context of global monetary policy. It shows that a shift …

This paper focuses on the quantitative easing policies launched by the European Central
Bank (ECB), analysing their effects on the dynamics of a series of five-year sovereign credit …

We investigate the pairwise correlations of eleven US fixed income yield spreads over a
sample that includes the Great Financial Crisis of 2007–09. Using cross-sectional methods …

This paper carries out an empirical investigation of the impact on bond spreads of the
announcement, purchases and exit from the Swiss National Bank's bond purchase program …