Quantitative Easing and Its Impact in the US, Japan, the UK and Europe
This volume empirically analyzes the effects of quantitative easing (QE) on interest rates and the economy in the US, Japan, UK and Europe. Using an event-study methodology, the authors find that the measures undertaken by the Federal Reserve and Bank of
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Kjell Hausken Mthuli Ncube
Quantitative Easing and Its Impact in the US, Japan, the UK and Europe 123
SpringerBriefs in Economics
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Kjell Hausken • Mthuli Ncube
Quantitative Easing and Its Impact in the US, Japan, the UK and Europe
Kjell Hausken Faculty of Science University of Stavanger Stavanger, Norway
Mthuli Ncube Office of the Chief Economist African Development Bank Group Tunis Belvedere, Tunisia Graduate School of Business Administration, University of the Witwatersrand, South Africa
ISSN 2191-5504 ISSN 2191-5512 (electronic) ISBN 978-1-4614-9645-8 ISBN 978-1-4614-9646-5 (eBook) DOI 10.1007/978-1-4614-9646-5 Springer New York Heidelberg Dordrecht London Library of Congress Control Number: 2013955228 © The Author(s) 2013 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Acknowledgment
We thank Qingwei Meng for excellent research assistance.
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Acronyms
APP AR BOE BOJ BVAR CBPP CME CPI EAGB ECB ETF EUR Fed FOMC FRO GBP GSFF JGB JPY J-REIT LTRO MBS MPC MPM OAP OIS OMT OT QE
Asset purchase program Autoregression Bank of England Bank of Japan Bayesian vector autoregression Covered bonds purchase programs Comprehensive monetary easing Consumer price index Euro area government bond European Centr
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