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The quantitative easing effect on the stock market of the USA, the UK and Japan

Author

Listed:
  • Luiz Lima
  • Claudio Foffano Vasconcelos
  • Jose Simão
  • Helder Ferreira de Mendonça

Abstract

Purpose - The purpose of this paper is to analyze if the unconventional monetary policy, known as quantitative easing (QE) practiced by central banks in the USA, the UK, and Japan was effective to increase the market share after subprime crisis. Design/methodology/approach - In order to analyze the effect of the QE on the stock markets of the USA, the UK, and Japan, the authors use an ARDL model to find the long-run relationship among the variables. Findings - The findings denote that the QE implemented by the central banks in the USA, Japan, and the UK had a positive impact on their stock markets. Originality/value - The results of the paper give some new insights about the conduction of monetary policy when the interest rates are close to zero.

Suggested Citation

  • Luiz Lima & Claudio Foffano Vasconcelos & Jose Simão & Helder Ferreira de Mendonça, 2016. "The quantitative easing effect on the stock market of the USA, the UK and Japan," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 43(6), pages 1006-1021, November.
    • Handle: RePEc:eme:jespps:jes-05-2015-0081
    DOI: 10.1108/JES-05-2015-0081
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    More about this item

    Keywords

    Monetary policy; Stock market; Quantitative easing; Monetary aggregates; E52; E58;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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