00000nam 2200000za 4500 9.842761 CaOODSP 20221107152407 cr ||||||||||| 170831s2017 oncd ob f000 0 eng d CaOODSP eng eng fre n-cn--- FB3-5/2017-26E-PDF Diez de los Rios, Antonio. Quantitative easing and long-term yields in small open economies [electronic resource] / by Antonio Diez de los Rios and Maral Shamloo. [Ottawa] : Bank of Canada, 2017. ii, 43 p. : col. charts Bank of Canada staff working paper, 1701-9397 ; 2017-26 "July 2017." Includes bibliographical references. "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. Includes abstract in French. gccst Monetary policy gccst Interest rates Shamloo, Maral. Bank of Canada. Staff working paper (Bank of Canada) 1701-9397 ; 2017-26 (CaOODSP)9.806221 PDF 1.23 MB https://publications.gc.ca/collections/collection_2017/banque-bank-canada/FB3-5-2017-26-eng.pdf