Transmission of Quantitative Easing

The Role of Central Bank Reserves

Datos Bibliográficos

ID9716375
AutoresJens H E Christensen (0000-0001-7494-2736, Federal Reserve Bank of San Francisco, autor de correspondencia), Signe Krogstrup (0000-0002-3115-9693, International Monetary Fund)
Año2019
Volumen129
Número617
Páginas249-272
Fecha de publicación2019-01-01
Peer ReviewedSí
Open AccessSí
TipoARTICLE
RevistaThe Economic Journal (JOURNAL)
Identificadores de la revistaISSN: 0013-0133 • E-ISSN: 1468-0297
EditorialOxford University Press (OUP) (PUBLISHER)
DOI10.1111/ecoj.12600
OpenAlexW2191430830
IdiomaEN
Citas recibidas4
Referencias citadas24

This article presents empirical evidence of a reserve-induced transmission channel of quantitative easing to long-term interest rates. Reserve-induced effects are independent of the assets purchased and run through the impact of reserve expansions on bank balance sheets and the resulting bank portfolio rebalancing. For evidence, we analyse the reaction of Swiss long-term government bond yields to announcements by the Swiss National Bank to expand central bank reserves without acquiring any long-lived securities. The data suggest that declines in long-term yields following the announcements mainly reflected reduced term premiums, consistent with reserve-induced portfolio balance effects

Balance (ability · Balance sheet · Bank rate · Bond · Central bank · Economics · Excess reserves · Financial system · Government bond · Interest rate · Monetary economics · Monetary policy · Official cash rate · Portfolio · Quantitative easing · Reserve requirement · Term (time · Transmission (telecommunications · Transmission channel · Banking stability, regulation, efficiency · Credit Risk and Financial Regulations · Finance · Monetary Policy and Economic Impact