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Zur Effektivität der Politik der Quantitativen Lockerung am Beispiel des QE1-Programms der US-Fed
Belke, Ansgar | Osowski, Thomas
Credit and Capital Markets – Kredit und Kapital, Vol. 50 (2017), Iss. 2 : pp. 131–149
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Ansgar Belke, ad personam Jean Monnet Chair for Macroeconomics and Director of the Institute of Business and Economics, Department of Economics, University of Duisburg-Essen, Campus Essen, Universitätsstr. 12, 45117 Essen, Germany
Thomas Osowski, Department of Economics, University of Duisburg-Essen, Campus Essen, Berliner Platz 6–8, 45127 Essen, Germany
Abstract
On the Efficacy of Quantitative Easing Policies – The Example of the QE1-Programme of the US Fed
The paper at hand delivers a survey of the results of economic studies explores the effects of non-standard monetary policies on the domestic interest rate level and on international yield relationships. Based on a descriptive analysis of international long-term yields, we find evidence that long-term rates have followed a global downward trend prior as well as during the financial crisis. Comparing interest rate developments in the United States and the Eurozone, it appears difficult to find a distinct impact of the Fed"s QE on US interest rates for which the global environment – the global downward trend in interest rates – does not account. On the contrary, the the balance sheet of the ECB has a higher explanatory power for the exchange rate and inflation than the US-Fed balance sheet, although the ECB has, in contrast to the Fed, not conducted QE policies in the sample period. Motivated by these results, we refer to our own study analyzing the impact of the Fed"s QE1 programme on the stability of the US-Euro long-term interest rate relationship by using a CVAR and, in particular, recursive estimation methods. Taking global interest rate developments into account, we do not find any significant evidence that QE had an independent, distinct impact on US interest rates.
Table of Contents
| Section Title | Page | Action | Price |
|---|---|---|---|
| Ansgar Belke / Thomas Osowski: Zur Effektivität der Politik der Quantitativen Lockerung am Beispiel des QE1-Programms der US-Fed | 1 |