000 | 03358nam a22005175i 4500 | ||
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001 | 978-1-4614-9646-5 | ||
003 | DE-He213 | ||
005 | 20140220082833.0 | ||
007 | cr nn 008mamaa | ||
008 | 131206s2013 xxu| s |||| 0|eng d | ||
020 |
_a9781461496465 _9978-1-4614-9646-5 |
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024 | 7 |
_a10.1007/978-1-4614-9646-5 _2doi |
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050 | 4 | _aHB172.5 | |
072 | 7 |
_aKCB _2bicssc |
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072 | 7 |
_aKCBM _2bicssc |
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_aBUS039000 _2bisacsh |
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072 | 7 |
_aBUS045000 _2bisacsh |
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082 | 0 | 4 |
_a339 _223 |
100 | 1 |
_aHausken, Kjell. _eauthor. |
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245 | 1 | 0 |
_aQuantitative Easing and Its Impact in the US, Japan, the UK and Europe _h[electronic resource] / _cby Kjell Hausken, Mthuli Ncube. |
264 | 1 |
_aNew York, NY : _bSpringer New York : _bImprint: Springer, _c2013. |
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300 |
_aX, 123 p. 24 illus., 8 illus. in color. _bonline resource. |
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336 |
_atext _btxt _2rdacontent |
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_acomputer _bc _2rdamedia |
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_aonline resource _bcr _2rdacarrier |
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_atext file _bPDF _2rda |
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490 | 1 |
_aSpringerBriefs in Economics, _x2191-5504 |
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505 | 0 | _a1 Introduction.- 2 Transmission Channels for Quantitative Easing and Effects on Interest Rates -- 3 The Central Bank Loss Function and Quantitative Easing as a Stackelberg Game -- 4 The Effect of Quantitative Easing on Interest Rates -- 5 Broader Economic Effects on Quantitative Easing -- 6 Conclusion. | |
520 | _aThis 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 England, which focus primarily on bond purchases, are much more effective in lowering interest rates than those undertaken by the Bank of Japan and the European Central Bank, which have relied more heavily on lending to private financial institutions. Using large Bayesian vector autoregression (BVAR) models they also analyze the impact of QE on the wider economy. They produce no-QE counterfactual forecasts that are compared with their corresponding baseline forecasts, incorporating the effects of QE on government bond spreads. Despite the failure of stimulating economic activities as a whole, the simulation results suggest that the unconventional monetary policies have a positive influence on industrial production in the US, UK and Japan. The authors’ analysis finds that QE contributes to the reduction in unemployment in the US and Japan, and a rise in inflation-expectations in the US, UK and Euro zone. However, evidence on QE’s effect on house prices, stock prices, consumer confidence, and exchange rate, is mixed and thus inconclusive. | ||
650 | 0 | _aEconomics. | |
650 | 0 | _aEndogenous growth (Economics). | |
650 | 0 | _aEconomic policy. | |
650 | 0 | _aMacroeconomics. | |
650 | 1 | 4 | _aEconomics/Management Science. |
650 | 2 | 4 | _aMacroeconomics/Monetary Economics. |
650 | 2 | 4 | _aEconomic Growth. |
650 | 2 | 4 | _aEconomic Policy. |
700 | 1 |
_aNcube, Mthuli. _eauthor. |
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710 | 2 | _aSpringerLink (Online service) | |
773 | 0 | _tSpringer eBooks | |
776 | 0 | 8 |
_iPrinted edition: _z9781461496458 |
830 | 0 |
_aSpringerBriefs in Economics, _x2191-5504 |
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856 | 4 | 0 | _uhttp://dx.doi.org/10.1007/978-1-4614-9646-5 |
912 | _aZDB-2-SBE | ||
999 |
_c96124 _d96124 |