IDEAS home Printed from https://ideas.repec.org/h/spr/spbchp/978-1-4614-9646-5_6.html
   My bibliography  Save this book chapter

Conclusion

In: Quantitative Easing and Its Impact in the US, Japan, the UK and Europe

Author

Listed:
  • Kjell Hausken

    (University of Stavanger)

  • Mthuli Ncube

    (Office of the Chief Economist African Development Bank Group
    Graduate School of Business Administration, University of the Witwatersrand)

Abstract

In this brief, we analyze, empirically, the effects of quantitative easing on interest rates and the economy in the USA, Japan, the UK, and Europe. Using an event-study methodology, we 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. Over the QE-related events, government bond yields in the USA and the UK decline cumulatively by over 100 basis points at medium and longer maturities, and more than 50 basis points at shorter maturities. In contrast, an average fall by only about 20 basis points is found for government bond yields in Japan, while mixed results are found for those in the euro area. The different impacts of QE on interest rates across economies, however, should be understood in light of their respective financial system structures.

Suggested Citation

  • Kjell Hausken & Mthuli Ncube, 2013. "Conclusion," SpringerBriefs in Economics, in: Quantitative Easing and Its Impact in the US, Japan, the UK and Europe, edition 127, chapter 0, pages 89-91, Springer.
    • Handle: RePEc:spr:spbchp:978-1-4614-9646-5_6
    DOI: 10.1007/978-1-4614-9646-5_6
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:spbchp:978-1-4614-9646-5_6. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.