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The Transmission Channels of Monetary Policy During Quantitative Easing: What to Retain (Selected Countries: US, UK, ECB, BoJ, New Zealand)

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  • Sarah Goldman

    (Lux-SIR, CRIISEA - Centre de Recherche sur les Institutions, l'Industrie et les Systèmes Économiques d'Amiens - UR UPJV 3908 - UPJV - Université de Picardie Jules Verne)

Abstract

Quantitative easing (QE) is an unconventional monetary policy involving liquidity injection into the economy by purchasing financial assets, primarily government, and corporate bonds. This strategy relies on several transmission channels, including signaling, portfolio rebalancing, and the liquidity premium. Portfolio rebalancing is notable in modifying capital allocation and investor behavior. At the same time, these interventions result in financial transfers between central banks and governments, thereby influencing fiscal dynamics and financial stability. This study empirically explores the broader effects of QE on financial and interbank markets, examining how portfolio rebalancing influences financial interactions between major central banks, such as the Federal Reserve, the Bank of England, the European Central Bank (ECB), the Bank of Japan and the Reserve Bank of New Zealand, and the Treasury.

Suggested Citation

  • Sarah Goldman, 2026. "The Transmission Channels of Monetary Policy During Quantitative Easing: What to Retain (Selected Countries: US, UK, ECB, BoJ, New Zealand)," Post-Print hal-05836857, HAL.
    • Handle: RePEc:hal:journl:hal-05836857
    DOI: 10.1007/978-3-032-12508-8_10
    as

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