Topic
Quantitative easing
About: Quantitative easing is a research topic. Over the lifetime, 5065 publications have been published within this topic receiving 113601 citations. The topic is also known as: QE.
Papers published on a yearly basis
1 / 2
Papers
Posted Content•
TL;DR: The authors showed that the interest rate on the Federal Funds is extremely informative about future movements of real macroeconomic variables, more so than monetary aggregates or other interest rates, and argued that the reason for this forecasting is that the funds rate sensitively records shocks to the supply of (not the demand for) bank reserves.
Abstract: First, we show that the interest rate on Federal funds is extremely informative about future movements of real macroeconomic variables, more so than monetary aggregates or other interest rates. Next, we argue that the reason for this forecasting is that the funds rate sensitively records shocks to the supply of (not the demand for) bank reserves, i.e. the funds rate is a good indicator of monetary policy actions. Finally, using innovations to the fuels rate as a measure of changes in monetary policy, we present evidence consistent with the view that monetary policy works at least in part through "credit" (that is, bank loans) as well as through "money" (that is, bank deposits) - even though bank loans fail to Granger-cause real variables.
3,386 citations
TL;DR: The authors found that the impact of monetary policy on lending is stronger for banks with less liquid balance sheets, i.e., banks with lower ratios of securities to assets, and that this pattern is largely attributable to the smaller banks, those in the bottom 95 percent of the size distribution.
Abstract: We study the monetary-transmission mechanism with a data set that includes quarterly observations of every insured U.S. commercial bank from 1976 to 1993. We find that the impact of monetary policy on lending is stronger for banks with less liquid balance sheets--i.e., banks with lower ratios of securities to assets. Moreover, this pattern is largely attributable to the smaller banks, those in the bottom 95 percent of the size distribution. Our results support the existence of a "bank lending channel" of monetary transmission, though they do not allow us to make precise statements about its quantitative importance.
3,040 citations
TL;DR: The authors developed a quantitative monetary DSGE model with financial intermediaries that face endogenously determined balance sheet constraints and used the model to evaluate the effects of the central bank using unconventional monetary policy to combat a simulated financial crisis.
2,914 citations
Book•
1 Jan 1986
TL;DR: In this article, the authors present an overview of the financial system and financial markets, including monetary theory, monetary policy, and financial institutions. But they do not discuss the role of monetary policy in financial markets.
Abstract: Part 1 Why study money, banking and financial markets? an overview of the financial system what is money? Part 2 Financial markets: understanding interest rates portfolio choice the theory of asset demand the behaviour of interest rates the risk and term structure of interest rates the foreign exchange market. Part 3 Financial institutions: an economic analysis of financial structure financial innovation the banking firm and bank management the banking industry an industry in transition the crisis in banking regulation nonbank financial institutions. Part 4 The money supply process multiple deposit creation: introducing the money supply process determinants of the money supply explaining depositor and bank behaviour the complete money supply model. Part 5 The federal reserve system and the conduct of monetary policy the structure of the federal reserve system understanding movements in the monetary base the tools of monetary policy the conduct of monetary policy targets and goals the international financial system and monetary policy. Part 6 Monetary theory: the demand for money the Keynesian framework and the ISLM model monetary and fiscal policy in the ISLM model aggregate demand and supply analysis money and inflation money and economic activity the empirical evidence the theory of rational expectations and efficient capital markets rational expectations implications for policy.
2,327 citations
TL;DR: The potential consequence of policy interventions, such as the US’ decision to implement a zero-percent interest rate and unlimited quantitative easing (QE), and how these policies may introduce further uncertainties into global financial markets are analyzed.
2,259 citations
Related Topics (5)
Performance Metrics
| Year | Papers |
|---|---|
| 2025 | 56 |
| 2024 | 77 |
| 2023 | 109 |
| 2022 | 123 |
| 2021 | 172 |
| 2020 | 229 |