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How the Federal Reserve's Large-Scale Asset Purchases (LSAPs) Influence Mortgage-Backed Securities (MBS) Yields and U.S. Mortgage Rates
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How the Federal Reserve's Large-Scale Asset Purchases (LSAPs) Influence Mortgage-Backed Securities (MBS) Yields and U.S. Mortgage Rates (2014)How the Federal Reserve's Large-Scale Ass…Four Stories of Quantitative Easing (2013)Four Stories of Quantitative …The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy (2011)The Effects of Quantitative E…Large-Scale Asset Purchases by the Federal Reserve: Did They Work? (2011)Large-Scale Asset Purchases b…Did the Federal Reserve's MBS purchase program lower mortgage rates? (2011)Did the Federal Reserve's MBS…Bank Risk-taking, Securitization, Supervision, and Low Interest Rates: Evidence from the Euro-area and the U.S. Lending Standards (2011)Bank Risk-taking, Securitizat…Large-Scale Asset Purchases by the Federal Reserve: Did They Work? (2010)Large-Scale Asset Purchases b…Flow and Stock Effects of Large-Scale Treasury Purchases (2010)Flow and Stock Effects of Lar…Asset pricing with liquidity risk (2005)Asset pricing with liquidity …Conducting Monetary Policy at Very Low Short-Term Interest Rates (2004)Conducting Monetary Policy at…Zero Bound on Interest Rates and Optimal Monetary Policy (2003)Zero Bound on Interest Rates …Asset Pricing with Liquidity Risk (2003)Asset Pricing with Liquidity …Challenges for monetary policy : new and old (1999)Challenges for monetary polic…The Channels of Monetary Transmission: Lessons for Monetary Policy (1996)The Channels of Monetary Tran…A Modigliani-Miller Theorem for Open-Market Operations (1979)A Modigliani-Miller Theorem f…Liquidity Preference as Behavior Towards Risk (1958)Liquidity Preference as Behav…Consistency of Preference: The Two-Commodity Case (1958)Consistency of Preference: Th…The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Credit Rationing in Markets with Imperfect Information (1981)Inside the Black Box: The Credit Channel of Monetary Policy Transmission (1995)Understanding Financial Crises: A Developing Country Perspective (1996)One Decade of Inflation Targeting in the World: What Do We Know and What Do We Need to Know? (2001)The Transmission of Monetary Policy Shocks (2017)The General Theory of Employment, Interest and Money. (1936)The General Theory of Employment, Interest and Money. (1936)Discretion versus policy rules in practice (1993)When Is the Government Spending Multiplier Large? (2011)Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minsky-Koo Approach* (2012)Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound (2016)The Optimum Quantity of Money: and Other Essays (1971)INTEREST AND PRICES: FOUNDATIONS OF A THEORY OF MONETARY POLICY (2005)MACROPRUDENTIAL POLICY – A LITERATURE REVIEW (2010)The Interrelationships Among Informal Institutions, Formal Institutions, and Inward Foreign Direct Investment (2011)The Financial Market Impact of Quantitative Easing in the United Kingdom (2012)The General Theory of Employment, Interest and Money, by John Maynard Keynes (1936)On the International Spillovers of US Quantitative Easing (2013)International channels of the Fed's unconventional monetary policy (2014)On the International Spillovers of US Quantitative Easing (2016)The General Theory of Employment, Interest, and Money (2018)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)Illiquidity and stock returns: cross-section and time-series effects (2002)Liquidity and leverage (2008)Market Liquidity and Funding Liquidity (2008)A Preferred-Habitat Model of the Term Structure of Interest Rates (2009)The Aggregate Demand for Treasury Debt (2012)Intermediary Asset Pricing (2013)The Signaling Channel for Federal Reserve Bond Purchases (2013)Bond Supply and Excess Bond Returns (2014)Capital flows to emerging market economies: A brave new world? (2014)PORTFOLIO SELECTION* (1952)A General Equilibrium Approach To Monetary Theory (1969)Unconventional monetary policy had large international effects (2014)A Comparative‐Advantage Approach to Government Debt Maturity (2015)By Force of Habit: A Consumption‐Based Explanation of Aggregate Stock Market Behavior (1999)Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)A Model of Shadow Banking (2013)Bank Leverage and Monetary Policy's Risk‐Taking Channel: Evidence from the United States (2016)Whatever It Takes: The Real Effects of Unconventional Monetary Policy (2017)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Risk, Return, and Equilibrium: Empirical Tests (1973)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Consequences of the Dependence of Quality on Price (1987)Methods of Policy Accommodation at the Interest-Rate Lower Bound (2012)The Macroeconomic Effects of Large‐scale Asset Purchase Programmes (2012)
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References

  • 1958Liquidity Preference as Behavior Towards Risk3,916 cited
  • 2005Asset pricing with liquidity risk2,816 cited
  • 2003Zero Bound on Interest Rates and Optimal Monetary Policy1,801 cited
  • 2011Bank Risk-taking, Securitization, Supervision, and Low Interest Rates: Evidence from the Euro-area and the U.S. Lending Standards730 cited
  • 1996The Channels of Monetary Transmission: Lessons for Monetary Policy716 cited
  • 2004Conducting Monetary Policy at Very Low Short-Term Interest Rates554 cited
  • 1979A Modigliani-Miller Theorem for Open-Market Operations476 cited
  • 2011The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy413 cited
  • 2011Large-Scale Asset Purchases by the Federal Reserve: Did They Work?402 cited
  • 2013Four Stories of Quantitative Easing344 cited
  • 2003Asset Pricing with Liquidity Risk305 cited
  • 2010Large-Scale Asset Purchases by the Federal Reserve: Did They Work?304 cited
  • 1999Challenges for monetary policy : new and old280 cited
  • 2010Flow and Stock Effects of Large-Scale Treasury Purchases226 cited
  • 2011Did the Federal Reserve's MBS purchase program lower mortgage rates?172 cited

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  • 1958Consistency of Preference: The Two-Commodity Case142 cited
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