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Roundheads versus Cavaliers: Assessing the Impact of Quantitative Easing

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Quantitative easing in the UK has involved the creation of fund to purchase medium term dated government bonds with borrowed central bank reserves and so has increased the liquidity of non-bank financial sector and temporarily eased the budget constraint of HMT . We outline the theoretical rationales for QE: i) portfolio balance of the non-bank financial sector; ii) an offset for the zero bound; iii) signalling mechanism about medium term inflation expectations. And gauge its effectiveness in terms of the impact on asset prices. We assess the impact on a macro-finance yield curve and judge that the purchases programme has subtracted some 100Bp from medium term yields.

This talk is part of the Cambridge Finance Workshop Series series.

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