Using security-level data on individual corporate bond prices and the Bank of England's published purchase quantities across its gilt purchase programs (QE1: £200bn, QE2: £125bn, QE3: £50bn, QE4: …
Online FirstJournal of Money, Credit and BankingOnline 23 Jun 2026
The paper introduces the concept of "passive quantitative easing" (passive QE): a deliberate reduction in government debt issuance that lowers anticipated future bond supply and reduces long-term …
Online FirstJournal of Money, Credit and BankingOnline 29 Jul 2026
Drawing on the recent experience of seven advanced-economy central banks, this paper offers the first cross-country assessment of quantitative tightening (QT) — the unwinding of bond holdings …
PublishedClassicReview of Financial StudiesOnline 7 Apr 2020Published Feb 2021
Identifying US monetary policy shocks from daily moves in five-year Treasury futures around FOMC announcements, this paper shows that during the unconventional-policy years those shocks largely …
PublishedClassicInternational Journal of Central BankingPublished Mar 2013
This 2013 International Journal of Central Banking paper by Canlin Li and Min Wei asks whether changes in the supply of Treasury securities and agency mortgage-backed securities (MBS) affect nominal …
Extending a New Keynesian model to give the central bank's balance sheet a genuine role in equilibrium determination, the authors distinguish three independent dimensions of monetary policy -- the …
PublishedClassicBrookings Papers on Economic ActivityPublished Sep 2011
This 2011 Brookings Papers on Economic Activity paper by Arvind Krishnamurthy and Annette Vissing-Jorgensen evaluates the effect of the Federal Reserve's large-scale purchases of long-term Treasuries …
This 2012 Economic Journal paper estimates how the Federal Reserve's large-scale asset purchase programmes of 2008-2011 lowered longer-term US Treasury yields, disaggregating the total effect within a …
PublishedClassicInternational Journal of Central BankingPublished Mar 2011
This 2011 International Journal of Central Banking paper by Gagnon, Raskin, Remache, and Sack provides the founding empirical assessment of the Federal Reserve's first large-scale asset purchase …
PublishedClassicJournal of Economic Dynamics and ControlPublished Jan 2023
Using the universe of business loans in Mexico matched to firm and bank balance sheets, this paper shows that each foreign monetary policy moves local credit supply mainly through banks headquartered …
Online FirstJournal of Money, Credit and BankingOnline 21 May 2026
This 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 …