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This paper investigates the impact of the Bank of England's quantitative easing policy on UK asset prices. Based on analysis of the reaction of financial market prices and model-based estimates, we find that asset purchases financed by the issuance of central bank reserves - which by February 2010 totalled £200 billion - may have depressed medium to longterm government bond yields by about 100 basis points, with the largest part of the impact coming through a portfolio balance effect. The wider impact on other asset prices is more difficult to disentangle from other influences: the initial impact was muted, but the overall effects were potentially much larger, though subject to considerable uncertainty.
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- PublisherBibliogov
- Publication date2012
- ISBN 10 1249455049
- ISBN 13 9781249455042
- BindingPaperback
- Number of pages52
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The Financial Market Impact of Quantitative Easing in the United Kingdom
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Books on Demand|BiblioGov
(2012)
ISBN 10: 1249455049
ISBN 13: 9781249455042
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Book Description Condition: New. This paper investigates the impact of the Bank of England s quantitative easing policy on UK asset prices. Based on analysis of the reaction of financial market prices and model-based estimates, we find that asset purchases financed by the issuance of centr. Seller Inventory # 6484391
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