Quantitative easing and long-term yields in small open economies: FB3-5/2017-26E-PDF

"We compare the Federal Reserve's asset purchase programs with those implemented by the Bank of England and the Swedish Riksbank, and the Swiss National Bank's reserve expansion program. We decompose government bond yields into (i) an expectations component, (ii) a global term premium and (iii) a country-specific term premium to analyse two-day changes in 10-year yields around announcement dates. We find that, in contrast to the Federal Reserve's asset purchases, the programs implemented in these smaller economies have not been able to affect the global term premium and, consequently, their effectiveness in lowering long-term yields has been limited."--Abstract, p. ii.

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Department/Agency Bank of Canada.
Title Quantitative easing and long-term yields in small open economies
Series Title Bank of Canada staff working paper,
Publication Type Series - View Master Record
Language [English]
Format Electronic
Electronic Document

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Note "July 2017."
Date 2017.
Number of Pages ii, 43 p. :
Catalogue Number
  • FB3-5/2017-26E-PDF
Subject Terms Monetary policy, Interest rates