IMF paper finds QE cut real US Treasury yields by 140bp between 2008-12

IMF headquarters in Washington, DC

By constructing and estimating a structural arbitrage-free model of demand pressures on US real interest rates, an International Monetary Fund (IMF) working paper finds that recent purchases of US Treasuries by the Fed and foreign officials have had a substantial impact on level and the dynamics of US real rates.

In Official demand for US debt: implications for US real interest rates, Iryna Kaminska and Gabriele Zinna writes that by 2008 foreign purchases of US Treasuries are estimated to have

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