A Skeptical View of the Impact of the Fed's Balance Sheet

@article{Greenlaw2018ASV,
  title={A Skeptical View of the Impact of the Fed's Balance Sheet},
  author={D. Greenlaw and J. D. Hamilton and E. Harris and K. West},
  journal={NBER Working Paper Series},
  year={2018}
}
  • D. Greenlaw, J. D. Hamilton, +1 author K. West
  • Published 2018
  • Economics
  • NBER Working Paper Series
  • We review the recent U.S. monetary policy experience with large scale asset purchases (LSAPs) and draw lessons for monetary policy going forward. A rough consensus from previous studies is that LSAP purchases reduced yields on 10-year Treasuries by about 100 basis points. We argue that the consensus overstates the effect of LSAPs on 10-year yields. We use a larger than usual population of possible events and exploit interpretations provided by the business press. We find that Fed actions and… CONTINUE READING
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