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Quantitative Easing and Its Impact in the US, Japan, the UK and Europe (Paperback, 2013 ed.)
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Quantitative Easing and Its Impact in the US, Japan, the UK and Europe (Paperback, 2013 ed.)
Series: SpringerBriefs in Economics
Expected to ship within 10 - 15 working days
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This volume empirically analyzes the effects of quantitative easing
(QE) on interest rates and the economy in the US, Japan, UK and
Europe. Using an event-study methodology, the authors find that the
measures undertaken by the Federal Reserve and Bank of England,
which focus primarily on bond purchases, are much more effective in
lowering interest rates than those undertaken by the Bank of Japan
and the European Central Bank, which have relied more heavily on
lending to private financial institutions. Using large Bayesian
vector autoregression (BVAR) models they also analyze the impact of
QE on the wider economy. They produce no-QE counterfactual
forecasts that are compared with their corresponding baseline
forecasts, incorporating the effects of QE on government bond
spreads. Despite the failure of stimulating economic activities as
a whole, the simulation results suggest that the unconventional
monetary policies have a positive influence on industrial
production in the US, UK and Japan. The authors' analysis finds
that QE contributes to the reduction in unemployment in the US and
Japan, and a rise in inflation-expectations in the US, UK and Euro
zone. However, evidence on QE's effect on house prices, stock
prices, consumer confidence, and exchange rate, is mixed and thus
inconclusive.
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