Unexpected Supply Effects of Quantitative Easing and Tightening
Datos Bibliográficos
| ID | 9717428 |
|---|---|
| Autores | Stefania D’Amico (Federal Reserve Bank of Chicago, autor de correspondencia), Tim Seida (Northwestern University) |
| Año | 2024 |
| Volumen | 134 |
| Número | 658 |
| Páginas | 579-613 |
| Fecha de publicación | 2024-01-29 |
| Peer Reviewed | Sí |
| Open Access | Sí |
| Tipo | ARTICLE |
| Revista | The Economic Journal (JOURNAL) |
| Identificadores de la revista | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Editorial | Oxford University Press (PUBLISHER • GB) |
| DOI | 10.1093/ej/uead071 |
| OpenAlex | W4386636966 |
| Idioma | EN |
| Citas recibidas | 1 |
| Referencias citadas | 44 |
To analyse the evolution of the effects of quantitative easing and tightening across consecutive announcements, we focus on their unexpected component. Treasury yield sensitivities to quantitative tightening supply surprises are on average larger than sensitivities to quantitative easing surprises, implying that supply effects did not diminish during periods of market calm amid economic expansion. Yield sensitivities to later quantitative easing and tightening surprises do not fall monotonically, and thus supply shocks seemed to remain powerful. Finally, yield sensitivities are amplified by the amount of interest rate uncertainty prevailing before announcements, implying that turning points in the balance sheet policy tended to elicit larger reactions
Central bank · Economics · Interest rate · Monetary economics · Monetary policy · Quantitative assessment · Quantitative easing · Treasury · Yield (engineering · Economic Policies and Impacts · Economic theories and models · Monetary Policy and Economic Impact
| Obras citantes distintas | 1 |
|---|---|
| Citas por año | 1 |
| Intervalo de citas | 2025 - 2025 (1) |
| Velocidad de citación | recent |
| Altamente citado | No |
| Tipos de cita | Neutras: 1 |