Effects of the Quantitative Easing Policy: A Survey of Empirical Analyses Page 1 No.06-E-10
July 2006 Effects of the Quantitative Easing Policy: A Survey of Empirical Analyses Hiroshi …

This paper evaluates the literature on international unconventional monetary policies
(UMPs). Introducing market segmentation, limits-to-arbitrage, and time-consistent policy in …

“A brilliant and lucid new book”(John Lanchester, New York Times Magazine) about why
paper money and digital currencies lie at the heart of many of the world's most difficult …

Persistently low real interest rates have prompted the question whether low interest rates are
here to stay. This essay assesses the empirical evidence regarding the natural rate of …

Nominal interest rates may remain substantially below the averages of the last half century,
because central banks' inflation objectives lie below the average level of inflation, and …

A large output gap accompanied by stable inflation close to its target calls for further
monetary accommodation, but the zero lower bound on interest rates has robbed the …

According to standard macroeconomic models, the zero lower bound greatly reduces the
effectiveness of monetary policy and increases the efficacy of fiscal policy. However, private …

This paper examines the effects of unconventional monetary policy by the Federal Reserve,
Bank of England, European Central Bank and Bank of Japan on bond yields, stock prices …

THE CONSEqUENCES FOR THE PROPER conduct of monetary policy of the existence of a
lower bound of zero for overnight nominal interest rates has recently become a topic of lively …

We investigate the effects of US monetary policy on asset prices using a high-frequency
event-study analysis. We test whether these effects are adequately captured by a single …