Assessing the impact of demand shocks on the US term premium / by Russell Barnett and Konrad Zmitrowicz.: FB3-6/2018-7E-PDF
"During and after the Great Recession of 2008–09, conventional monetary policy in the United States and many other advanced economies was constrained by the effective lower bound (ELB) on nominal interest rates. Several central banks implemented large-scale asset purchase (LSAP) programs, more commonly known as quantitative easing or QE, to provide additional monetary stimulus. Gauging the effectiveness of LSAPs is important, since the ELB may be a constraint on conventional monetary policy more frequently in the future than it was in the past. In this paper we analyze two distinct periods where we observe exogenous demand shocks for 10-year US Treasury bonds to assess their impact on the term premium"--Abstract, p. ii.
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| Department/Agency | Bank of Canada. |
|---|---|
| Title | Assessing the impact of demand shocks on the US term premium / by Russell Barnett and Konrad Zmitrowicz. |
| Series title | Bank of Canada staff discussion paper, 1914-0568 ; 2018-7 |
| Publication type | Series - View Master Record |
| Language | [English] |
| Format | Electronic |
| Electronic document | |
| Note(s) | "July 2018." Includes bibliographical references (p. 23-25). Includes abstract in French. |
| Publishing information | [Ottawa] : Bank of Canada, 2018. |
| Author / Contributor | Barnett, Russell A. Zmitrowicz, Konrad. |
| Description | iii, 28 p. : charts (some col.) |
| Catalogue number |
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| Subject terms | Quantitative easing (Monetary policy) Monetary policy Interest rates |