Details

Autor(en) / Beteiligte

• Christensen, Jens H E
• Krogstrup, Signe

Titel

Transmission of Quantitative Easing: The Role of Central Bank Reserves

Ist Teil von

• The Economic journal (London), 2019-01, Vol.129 (617), p.249-272

Ort / Verlag

Oxford: Oxford University Press

Erscheinungsjahr

2019

Quelle

EBSCOhost Business Source Ultimate

Beschreibungen/Notizen

• This article presents empirical evidence of a reserve-induced transmission channel of quantitative easing to long-term interest rates. Reserve-induced effects are independent of the assets purchased and run through the impact of reserve expansions on bank balance sheets and the resulting bank portfolio rebalancing. For evidence, we analyse the reaction of Swiss long-term government bond yields to announcements by the Swiss National Bank to expand central bank reserves without acquiring any long-lived securities. The data suggest that declines in long-term yields following the announcements mainly reflected reduced term premiums, consistent with reserve-induced portfolio balance effects.