Quantitative Easing and Its Impact in the US, Japan, the UK and Europe

Business & Finance, Economics, Macroeconomics, Economic Development
Cover of the book Quantitative Easing and Its Impact in the US, Japan, the UK and Europe by Kjell Hausken, Mthuli Ncube, Springer New York
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Kjell Hausken, Mthuli Ncube ISBN: 9781461496465
Publisher: Springer New York Publication: December 6, 2013
Imprint: Springer Language: English
Author: Kjell Hausken, Mthuli Ncube
ISBN: 9781461496465
Publisher: Springer New York
Publication: December 6, 2013
Imprint: Springer
Language: English

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.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

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.

More books from Springer New York

Cover of the book SFPE Handbook of Fire Protection Engineering by Kjell Hausken, Mthuli Ncube
Cover of the book A Search for Muon Neutrino to Electron Neutrino Oscillations in the MINOS Experiment by Kjell Hausken, Mthuli Ncube
Cover of the book In Vitro Fertilization by Kjell Hausken, Mthuli Ncube
Cover of the book An Archaeology of Australia Since 1788 by Kjell Hausken, Mthuli Ncube
Cover of the book Dental Pulp Stem Cells by Kjell Hausken, Mthuli Ncube
Cover of the book Residue Reviews by Kjell Hausken, Mthuli Ncube
Cover of the book Climate Change Modeling Methodology by Kjell Hausken, Mthuli Ncube
Cover of the book Pervasive Health Knowledge Management by Kjell Hausken, Mthuli Ncube
Cover of the book Real-Time Progressive Hyperspectral Image Processing by Kjell Hausken, Mthuli Ncube
Cover of the book Chemical and Bioprocess Engineering by Kjell Hausken, Mthuli Ncube
Cover of the book Upper Tract Urothelial Carcinoma by Kjell Hausken, Mthuli Ncube
Cover of the book Distribution Ecology by Kjell Hausken, Mthuli Ncube
Cover of the book Weird Weather by Kjell Hausken, Mthuli Ncube
Cover of the book Continuum Mechanics of Anisotropic Materials by Kjell Hausken, Mthuli Ncube
Cover of the book Human Intelligence and Medical Illness by Kjell Hausken, Mthuli Ncube
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy