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008 131206s2013 xxu| s |||| 0|eng d
020 _a9781461496465
_9978-1-4614-9646-5
024 7 _a10.1007/978-1-4614-9646-5
_2doi
050 4 _aHB172.5
072 7 _aKCB
_2bicssc
072 7 _aKCBM
_2bicssc
072 7 _aBUS039000
_2bisacsh
072 7 _aBUS045000
_2bisacsh
082 0 4 _a339
_223
100 1 _aHausken, Kjell.
_eauthor.
245 1 0 _aQuantitative Easing and Its Impact in the US, Japan, the UK and Europe
_h[electronic resource] /
_cby Kjell Hausken, Mthuli Ncube.
264 1 _aNew York, NY :
_bSpringer New York :
_bImprint: Springer,
_c2013.
300 _aX, 123 p. 24 illus., 8 illus. in color.
_bonline resource.
336 _atext
_btxt
_2rdacontent
337 _acomputer
_bc
_2rdamedia
338 _aonline resource
_bcr
_2rdacarrier
347 _atext file
_bPDF
_2rda
490 1 _aSpringerBriefs in Economics,
_x2191-5504
505 0 _a1 Introduction.- 2 Transmission Channels for Quantitative Easing and Effects on Interest Rates -- 3 The Central Bank Loss Function and Quantitative Easing as a Stackelberg Game -- 4 The Effect of Quantitative Easing on Interest Rates -- 5 Broader Economic Effects on Quantitative Easing -- 6 Conclusion.
520 _aThis 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.
650 0 _aMacroeconomics.
650 0 _aEconomic policy.
650 0 _aEconomic growth.
650 1 4 _aEconomics.
650 2 4 _aMacroeconomics/Monetary Economics//Financial Economics.
650 2 4 _aEconomic Growth.
650 2 4 _aEconomic Policy.
700 1 _aNcube, Mthuli.
_eauthor.
710 2 _aSpringerLink (Online service)
773 0 _tSpringer eBooks
776 0 8 _iPrinted edition:
_z9781461496458
830 0 _aSpringerBriefs in Economics,
_x2191-5504
856 4 0 _uhttp://dx.doi.org/10.1007/978-1-4614-9646-5
912 _aZDB-2-SBE
942 _cEBK
999 _c50591
_d50591