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  • 31 Oct 2016
  • Research & Ideas

Quantitative Easing Didn’t Ease the Housing Crisis for the Neediest

more liquidity would have gone a long way” A new study takes a deep dive into the efficacy of the Fed’s quantitative easing strategy, looking at how the various rounds of QE affected “the real economy”—that... View Details
Keywords: by Carmen Nobel
  • 31 Oct 2016
  • News

Quantitative Easing Didn’t Ease the Housing Crisis for the Neediest

  • May 2020
  • Article

How Quantitative Easing Works: Evidence on the Refinancing Channel

By: Marco Di Maggio, Amir Kermani and Christopher Palmer
We document the transmission of large-scale asset purchases by the Federal Reserve to the real economy using rich borrower-linked mortgage-market data and an identification strategy based on mortgage market segmentation. We find that central bank QE1 MBS purchases... View Details
Keywords: Monetary Policy; MBS; Quantitative Easing; LSAP; Refinancing; Deleveraging; HARP; GSE; Central Banking; Global Range; Financing and Loans; Credit; United States
Related

    How Quantitative Easing Works: Evidence on the Refinancing Channel

    When LSAPs are needed the most, simply bending the yield curve through purchasing government debt is not effective for stimulating the mortgage market (a key sector of the economy for the transmission of monetary policy). Purchasing mortgage-backed... View Details

    • February 2024
    • Article

    Fifty Shades of QE: Robust Evidence

    By: Brian Fabo, Marina Jančoková, Elisabeth Kempf and Ľuboš Pástor
    Fabo et al. (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... View Details
    Keywords: Quantitative Easing; Research; Mathematical Methods; Perception; Banks and Banking; Body of Literature
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    • January 2014 (Revised February 2014)
    • Case

    Japan: Betting on Inflation?

    By: Julio J. Rotemberg
    The case focuses on the challenges still confronting Prime Minister Shinzo Abe at the end of 2013, a year after he has been in office. It also gives an overview of Japan's earlier economic performance, focusing primarily on the period after it suffered a stock market... View Details
    Keywords: Quantitative Easing; Debt Sustainability; International Relations; Borrowing and Debt
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    • May 2021
    • Article

    Fifty Shades of QE: Comparing Findings of Central Bankers and Academics

    By: Brian Fabo, Marina Jančoková, Elisabeth Kempf and Ľuboš Pástor
    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... View Details
    Keywords: Quantitative Easing; Career Concerns; Economic Research; Central Banking; Macroeconomics; Economic Growth
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    • Article

    Om det meningslösa och farliga med monetär heroism [On the Futility and Hazards of Monetary Heroics]

    By: Amar Bhide
    The decentralized enterprise that sustains the dynamism of economies makes top-down monetary interventions, such as quantitative easing, that target aggregates such as overall inflation, futile. Moreover, economic stability and dynamism also require prudent,... View Details
    Keywords: Innovation; Monetary Policy; Decentralization; Quantitative Easing
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    • October 2013
    • Case

    Japan: Abe's Three Arrows?

    By: Richard H.K. Vietor
    After the Koizumi government ended in 2006, Japan continued to struggle with slow growth, deflation and, in 2011, a tsunami and nuclear disaster. Following a series of several more unsuccessful prime ministers, Shinzo Abe again became the prime minister in 2012 and... View Details
    Keywords: Economic Development; Quantitative Easing; Stagnation; National Strategy; Development Economics; Economic Slowdown and Stagnation; Strategy; Japan
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    • May 2013
    • Supplement

    Kinyuseisaku: Monetary Policy in Japan (C)

    By: Laura Alfaro and Hilary White
    Assuming office in December 2012, Prime Minister Shinzo Abe was determined to revive Japan's stagnating economy through an ambitious plan known as 'Abenomics.' Under the guidance of the newly appointed governor of the central bank, Haruhiko Kuroda, the Bank of Japan... View Details
    Keywords: Japan; Inflation Targeting; Inflation; Abenomics; Monetary Policy; Stimulus; Quantitative Easing; Government Bonds; Macroeconomics; Inflation and Deflation; Money; Economic Slowdown and Stagnation; Japan
    Related
    • March 2013
    • Case

    Currency Wars

    By: Laura Alfaro and Hilary White
    In February 2013, the G-20 finance ministers met in Moscow, Russia to discuss the rising anxieties over a potential international currency war. It was speculated that certain countries were purposely devaluing their currencies in order to improve their competitiveness... View Details
    Keywords: Currency; Competitiveness; Trade Policy; Devaluation; Exchange Rate; Monetary Policy; Quantitative Easing; Inflation Targeting; Capital Flows; Central Banking; Currency Exchange Rate; Competitive Strategy; Emerging Markets; Policy; Trade; Conflict and Resolution; Banking Industry; Public Administration Industry; Moscow
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    • Article

    The Unintended Consequences of the Zero Lower Bound Policy

    By: Marco Di Maggio and Marcin Kacperczyk
    We study the impact of the zero lower bound interest rate policy on the industrial organization of the U.S. money fund industry. We find that in response to policies that maintain low interest rates, money funds change their product offerings by investing in riskier... View Details
    Keywords: Quantitative Easing; Money Market Funds; Reaching For Yield; Risk Taking; Fund Exit; Unconventional Monetary Policy; Investment Funds; Interest Rates
    Related
    • April 2015 (Revised January 2020)
    • Case

    Japan's Missing Arrow?

    By: Laura Alfaro and Hilary White
    In late December 2014, Shinzo Abe was elected to another term as the prime minister of Japan. His re-election was largely interpreted as a vote of confidence for his economics policies, collectively referred to as "Abenomics." Comprised of three "arrows," including... View Details
    Keywords: Currency; Bonds; Government Bonds; Government Debt; Public Finance; Quantitative Easing; Stimulus; Fiscal Policy; Fiscal Deficits; Debt Management; Debt Reduction; Abenomics; Exchange Rate; Exports; Reform; Economics; Macroeconomics; Policy; Government Legislation; Government and Politics; Asia; Japan
    Related
    • November 2023
    • Article

    A Quantity-Driven Theory of Term Premia and Exchange Rates

    By: Robin Greenwood, Samuel G. Hanson, Jeremy C. Stein and Adi Sunderam
    We develop a model in which specialized bond investors must absorb shocks to the supply and demand for long-term bonds in two currencies. Since long-term bonds and foreign exchange are both exposed to unexpected movements in short-term interest rates, a shift in the... View Details
    Keywords: Term Premium; Exchange Rate; Currency Exchange Rate; Bonds
    Related
    • 13 Jan 2016
    • Working Paper Summaries

    Forward Guidance in the Yield Curve: Short Rates versus Bond Supply

    Keywords: by Robin Greenwood, Samuel G. Hanson, and Dimitri Vayanos; Financial Services
    • 2016
    • Chapter

    Forward Guidance in the Yield Curve: Short Rates versus Bond Supply

    By: Robin Greenwood, Samuel Gregory Hanson and Dimitri Vayanos
    We present a model of the yield curve in which the central bank can provide market participants with forward guidance on both future short rates and on future Quantitative Easing (QE) operations, which affect bond supply. Forward guidance on short rates works through... View Details
    Keywords: Central Banking; Financial Markets
    Related
    • 05 Mar 2019
    • First Look

    New Research and Ideas, March 5, 2019

    forthcoming Journal of Financial and Quantitative Analysis Leverage and the Beta Anomaly By: Baker, Malcolm, Mathias F. Hoeyer, and Jeffrey Wurgler Abstract— The well-known weak empirical relationship between beta risk and the cost of... View Details
    Keywords: Dina Gerdeman
    • 16 Dec 2014
    • First Look

    First Look: December 16

    process with team-level prioritizing, updating, and helping, based on new-found accountability, overlapping representations of work, and belonging-despite the lack of stable team composition. Quantitative data revealed changes to the... View Details
    Keywords: Sean Silverthorne
    • Web

    Behavioral Finance & Financial Stability

    well as the finding that central banks’ quantitative easing policies impact exchange rates. See Robin’s other research here , Sam’s other research here , Jeremy’s other research here , and Adi’s other... View Details
    • 01 Feb 2011
    • First Look

    First Look: Feb. 1

    Publisher's Link: http://www.josseybass.com/WileyCDA/WileyTitle/productCd-0470392509.html How to Catch a Tiger: Understanding Putting Performance on the PGA TOUR Authors:Douglas Fearing, Jason Acimovic, and Stephen C. Graves Publication:Journal of View Details