Online First Journal of Money, Credit and Banking Online 21 May 2026The Liquidity of the Government Bond Market — What Impact Does Quantitative Easing Have? Evidence from SwedenMarianna Blix Grimaldi · Alberto Crosta · Dong ZhangThis paper uses transaction-level bond data under MiFID I and II to measure five dimensions of Swedish government bond market liquidity during the Riksbank's QE program (2015–2020) and identifies two …