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Fed asset buying and private borrowing rates

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  • Michael D. Bauer

Abstract

Past rounds of large-scale asset purchases by the Federal Reserve have lowered yields not only on the targeted securities, but also on various private borrowing rates. In particular, yields on corporate bonds and primary mortgage rates decreased in response to Fed asset purchase announcements. Notably, however, the link between rates on mortgage-backed securities and actual mortgage rates has weakened in the wake of the financial crisis.

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File URL: http://www.frbsf.org/publications/economics/letter/2012/el2012-16.html
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File URL: http://www.frbsf.org/publications/economics/letter/2012/el2012-16.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of San Francisco in its journal FRBSF Economic Letter.

Volume (Year): (2012)
Issue (Month): may21 ()
Pages:

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Handle: RePEc:fip:fedfel:y:2012:i:may21:n:2012-16

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Related research

Keywords: Interest rates ; Monetary policy;

References

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  1. Arvind Krishnamurthy & Annette Vissing-Jorgensen, 2011. "The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy," NBER Working Papers 17555, National Bureau of Economic Research, Inc.
  2. Arvind Krishnamurthy & Annette Vissing-Jorgensen, 2011. "The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 43(2 (Fall)), pages 215-287.
  3. Michael D. Bauer & Glenn D. Rudebusch, 2011. "The signaling channel for Federal Reserve bond purchases," Working Paper Series 2011-21, Federal Reserve Bank of San Francisco.
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Cited by:
  1. Shaghil Ahmed & Andrei Zlate, 2013. "Capital flows to emerging market economies: a brave new world?," International Finance Discussion Papers 1081, Board of Governors of the Federal Reserve System (U.S.).

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