量化宽松政策的狭窄渠道：英国青年商会的证据

IF 7.6 1区经济学 Q1 BUSINESS, FINANCE

Journal of Finance Pub Date : 2023-12-18 DOI:10.1111/jofi.13307

DAVID O. LUCCA, JONATHAN H. WRIGHT

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引用次数: 0

摘要

我们研究了澳大利亚最近的收益率曲线控制（YCC）经验，这或许是这一政策如何在其他发达经济体发挥作用的最佳证据。2020 年，当市场预期短期利率将长期保持在零时，收益率曲线控制似乎运作良好。随着 2021 年全球经济复苏和通胀势头增强，升息预期升温，澳大利亚储备银行购买了大部分未偿还的目标政府债券，目标债券的收益率与其他金融市场工具出现错位。这些证据表明，央行债券购买计划的操作范围比以往认为的更窄。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The Narrow Channel of Quantitative Easing: Evidence from YCC Down Under

We study the recent Australian experience with yield curve control (YCC) as perhaps the best evidence of how this policy might work in other developed economies. YCC seemingly worked well in 2020, when the market expected short rates to stay at zero for a long period of time. As the global recovery and inflation gained momentum in 2021, liftoff expectations moved up, the Reserve Bank of Australia purchased most of the targeted government bond outstanding, and the target bond's yield dislocated from other financial market instruments. The evidence suggests that central bank bond purchase programs can operate more narrowly than previously considered.

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来源期刊

Journal of Finance Multiple-

CiteScore

12.90

自引率

2.50%

发文量

期刊介绍： The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.