• DOI:10.3386/W24687
Corpus ID: 158598836

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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