How stimulatory are large-scale asset purchases?

Vasco Cúrdia and Andrea Ferrero

FRBSF Economic Letter, 2013, issue aug12

Abstract: The Federal Reserve?s large-scale purchases of long-term Treasury securities most likely provided a moderate boost to economic growth and inflation. Importantly, the effects appear to depend greatly on the Fed?s guidance that short-term interest rates would remain low for an extended period. Indeed, estimates from a macroeconomic model suggest that such interest rate forward guidance probably has greater effects than signals about the amount of assets purchased.

Keywords: Open market operations; Interest rates (search for similar items in EconPapers)
Date: 2013
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