Has Quantitative Easing Affected the U.S. Treasury Auction Market?

2015 ◽  
Vol 43 (1) ◽  
pp. 135-146 ◽  
Author(s):  
Catherine L. Mann ◽  
Oren Klachkin
Keyword(s):  
Quantitative Easing ◽  
Auction Market ◽  
Treasury Auction ◽  
The U.S

scholarly journals Pre- and Post-GFC Policy Multipliers

2020 ◽  
Vol 20 (237) ◽  
Author(s):  
Sam Ouliaris ◽  
Celine Rochon
Keyword(s):  
Central Bank ◽  
Interest Rates ◽  
Balance Sheet ◽  
Quantitative Easing ◽  
Dynamic Effects ◽  
Real Gdp ◽  
Rate Environment ◽  
The Impact ◽  
Policy Multipliers ◽  
The U.S

This paper estimates the change in policy multipliers in the U.S. relative to their pre-2008 financial crisis levels using an augmented Blanchard-Perotti model to allow for the dynamic effects of shocks to the central bank balance sheet, real interest rates and debt levels on economic activity. Given the elevated debt level and significantly larger central bank balance sheet in the U.S. after 2008, the paper estimates the likely impact of new stimulus packages. We find that expenditure multipliers have fallen post-2008 crisis because of higher government debt, implying that the effectiveness of fiscal policy has declined. The analysis also investigates the impact of quantitative easing. The results suggest that it is beneficial, but requires sizable balance sheet interventions to lead to noticeable effects on real GDP. The results are used to assess the impact of the policy packages to address COVID-19. Because of rising debt stocks, dealing with a crisis is becoming more and more costly despite the current low interest rate environment.

scholarly journals IS U.S. TECHNOLOGY SECTOR IN A BUBBLE?

2017 ◽  
pp. 379-394
Author(s):  
Sebastjan Strasek ◽  
Tadej Kelc
Keyword(s):  
Monetary Policy ◽  
Stock Market ◽  
Interest Rates ◽  
Quantitative Easing ◽  
Tax Rates ◽  
Technology Sector ◽  
The Great Depression ◽  
Current State ◽  
Low Interest Rates ◽  
The U.S

The paper is examines the issue if the U.S. technology sector is in the bubble. Our analysis is based on the study of relative indicators, especially on price-to-earnings ratio. We studied the last two historic bubbles and analyzed the current state on the U.S. stock market. We find that U.S. stock market is heavily overvalued, which can be argued with high values of the relative indicators compared to the historical average. Some of them indicate that market was valued higher only during the Great Depression in 1929 and during the technological bubble in 2000. Remarkably high values are the result of low interest rates and quantitative easing. The current expansive monetary policy is encouraging risky businesses and increasing margin debt. With potential abatement of tax rates and other measures of expansive fiscal politics, stock markets could reach even higher values.

FED's Unconventional Monetary Policy and Correlation Dynamics Among Conventional and Alternative Investments

2020 ◽  
pp. 37-56
Author(s):  
Ioannis Tsakalos ◽  
Efthymios Roumpis
Keyword(s):  
Monetary Policy ◽  
Federal Reserve ◽  
Policy Implications ◽  
Quantitative Easing ◽  
Ripple Effect ◽  
Unconventional Monetary Policy ◽  
Policy Makers ◽  
Alternative Investments ◽  
Asset Classes ◽  
The U.S

This chapter investigates the correlations between conventional and alternative investments during the quantitative easing (QE) programs launched by the U.S. Federal Reserve. Authors focus on different asset classes to examine the dynamics on their correlations and to highlight alternative investment options for rational investors and policy makers. Their analysis covers the period from January 3, 2005 to March 16, 2018. Research has significant policy implications and the empirical findings indicate a ripple effect of QE across conventional and alternative investments and suggest that their correlations differ by QE periods. Researchers also confirm the effectiveness of the portfolio rebalance channel pictured on specific assets' correlation sign, as well as the existence of specific patterns. UMP programs create portfolio rebalance since investors followed the required path set by the Fed.

Methods for reducing stress during transport and handling

1995 ◽  
Vol 1995 ◽  
pp. 41-41
Author(s):  
Temple Grandin
Keyword(s):  
Beef Cattle ◽  
Rapid Growth ◽  
High Speed ◽  
Auction Market ◽  
Single File ◽  
Pile Up ◽  
Selection For ◽  
Reducing Stress ◽  
The U.S

Stress can be reduced during transport and handling by training people to use behavioral principles when handling animals, selecting livestock with a calm temperament and using well designed handling facilities and vehicles. In the U.S., there are increasing problems with very excitable cattle and pigs which are very difficult to handle and drive. Gentle, quiet handling of excitable genetic lines of pigs in single file races in a high speed slaughter plant is extremely difficult. Excitable pigs are more easily distracted by small distractions such as a sparkling reflection on the floor and are more likely to balk and pile up. Some excitable genetic lines of pigs have greatly elevated death losses during transport. Excitable animals are more fearful of novel new situations than calmer genetic lines. Similar excitability problems are being observed in cattle. Excitable genetic lines of cattle are more likely to severely injure themselves or handlers during handling because they are more likely to panic when confronted with novelty. The author has observed cattle from excitable genetic lines that went into a total panic when they were in novel surroundings. Excitability problems are more likely to cause problems in the U.S. due to very extensive raising of cattle. Excitable cattle that are reared intensively become accustomed to people and vehicles and they are more tolerant of novel situations than excitable cattle reared on open rangeland where they seldom see people. Excitable genetic lines of cattle which are completely halter broken become trained to accept novelty and will usually remain calm, but when these same animals are raised extensively where they seldom see people, they often panic and injure themselves when they are brought to an auction market or slaughter plant. Breeders need to select animals that have a calm temperament. Recent research in our laboratory has shown that the position of the spiral hair whorls on the foreheads of beef cattle is related to temperament. Beef cattle with high hair whorls located above the eyes become more agitated during restraint in a squeeze chute compared to cattle with hair whorls located between or below the eyes. Indiscriminant selection for rapid growth and leanness has contributed to this problem. Excitable genetic lines of cattle and pigs are causing serious welfare problems during handling in the U.S.

How Might the U.S. "Quantitative Easing" Develop?

Challenge ◽  
2014 ◽  
Vol 57 (1) ◽  
pp. 5-18
Author(s):  
Philip Arestis ◽  
Elias Karakitsos
Keyword(s):  
Quantitative Easing ◽  
The U.S
Sign in / Sign up

Export Citation Format

Share Document