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Die Entwicklung der Langfristzinsen in den USA und das "Quantitative Easing" der FED

Author

Listed:
  • Bandholz, Harm
  • Clostermann, Jörg
  • Seitz, Franz

Abstract

Seit der Finanzkrise verfolgt die FED einen sehr expansiven geldpolitischen Kurs. Die Zinsen wurden auf historische Niedrigstniveaus gesenkt, darüber hinaus griff die FED auf verschiedene Maßnahmen quantitativer Lockerungen zurück. Trotz dieser Ereignisse zeigen die ökonometrischen Analysen in diesem Papier, dass die klassischen Einflussfaktoren (Notenbankzinsen, Inflationserwartungen, Auslandsnachfrage nach US-Bonds) weiterhin signifikante Erklärungskraft besitzen. Allerdings sind diese Zusammenhänge in den letzten Jahren instabiler geworden. Darüber hinaus kann man feststellen, dass das Anleihenaufkaufprogramm der amerikanischen Notenbank einen messbaren Einfluss auf die Langfristzinsen hat.

Suggested Citation

  • Bandholz, Harm & Clostermann, Jörg & Seitz, Franz, 2016. "Die Entwicklung der Langfristzinsen in den USA und das "Quantitative Easing" der FED," Arbeitsberichte – Working Papers 40, Technische Hochschule Ingolstadt (THI).
  • Handle: RePEc:zbw:thiwps:40
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    References listed on IDEAS

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    5. Tao Wu, 2014. "Unconventional Monetary Policy and Long-Term Interest Rates," IMF Working Papers 14/189, International Monetary Fund.
    6. Harm Bandholz & Jorg Clostermann & Franz Seitz, 2009. "Explaining the US bond yield conundrum," Applied Financial Economics, Taylor & Francis Journals, vol. 19(7), pages 539-550.
    7. Michael D. Bauer & James D. Hamilton, 2018. "Robust Bond Risk Premia," Review of Financial Studies, Society for Financial Studies, vol. 31(2), pages 399-448.
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    More about this item

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • 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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