Fed paper evaluates impact of QE

federal reserve

A working paper, published by the Federal Reserve in June, assesses the impact of the Fed's first round of quantitative easing, highlighting two different effects.

The authors, Stefania D'Amico and Thomas King, use data from the 2009 asset purchases to evaluate their effect on bond yields. The paper divides the effects into long term "stock effects", representing persistent changes in bond prices, and "flow effects", representing more temporary price changes on the day of the purchases. The

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