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How Unconventional Are Large-Scale Asset Purchases?

Author

Listed:
  • Carlo Rosa
  • Andrea Tambalotti

Abstract

The large-scale asset purchases (LSAPs) undertaken by the Fed starting in late November 2008 are widely considered to be a form of ?unconventional? monetary policy. Although these interventions are certainly unprecedented, this post shows that their effect on financial conditions is not that unconventional, in the sense that the relative effects of the LSAPs on returns across broad asset classes?nominal and real government bonds, stocks, and foreign exchange?are quite similar to those of more conventional policies, such as a reduction in the federal funds rate (FFR).

Suggested Citation

  • Carlo Rosa & Andrea Tambalotti, 2014. "How Unconventional Are Large-Scale Asset Purchases?," Liberty Street Economics 20140303, Federal Reserve Bank of New York.
  • Handle: RePEc:fip:fednls:86929
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    File URL: https://libertystreeteconomics.newyorkfed.org/2014/03/how-unconventional-are-large-scale-asset-purchases.html
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    More about this item

    Keywords

    financial conditions; Monetary policy; asset prices;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • G1 - Financial Economics - - General Financial Markets

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