Quantitative easing: Implications for bond market volatility

Editorial Board Member (Anonymous),

Journal of Risk Management in Financial Institutions, 2012, vol. 5, issue 4, 368-371

Abstract: Macro-economic crisis management has undergone a remarkable evolution since the 2008 credit crisis, with central banks playing an increasingly activist role. Consequently, and in a globally coordinated way, traditional monetary policy norms have been set aside in favour of unorthodox balance-sheet measures of very significant proportions. The impact on sovereign bond markets has led to anomalously low long-term yields as this activism is systematically suppressing risk premia. The potential for future bond market volatility should central banks step back their bond buying programmes is a major risk management issue facing financial institutions.

Keywords: quantitative easing; monetary policy; volatility; central banks (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2012
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