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Quantitative Easing: An Underappreciated Success
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Quantitative Easing: An Underappreciated Success (2016)Quantitative Easing: An Underappreciated …Substitutability between Balance Sheet Reductions and Policy Rate Hikes: Some Illustrations and a Discussion (2022)Substitutability between Bala…How persistent are unconventional monetary policy effects? 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(2014)How Persistent Are Unconventi…Empirical exchange rate models of the seventies (1983)Tests for Parameter Instability and Structural Change With Unknown Change Point (1993)Estimation and Inference of Impulse Responses by Local Projections (2005)The Effects of Monetary Policy on Macroeconomic Variables through Credit and Balance Sheet Channels: A Dynamic Stochastic General Equilibrium Approach (2023)Unconventional monetary policies and credit co-movement in the Eurozone (2023)Unexpected Supply Effects of Quantitative Easing and Tightening (2023)Inside the Black Box: The Credit Channel of Monetary Policy Transmission (1995)The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy (2011)U.S. Economic Prospects: Secular Stagnation, Hysteresis, and the Zero Lower Bound (2014)An Analysis of the Literature on International Unconventional Monetary Policy (2016)Responses of International Central Banks to the COVID-19 Crisis (2020)Do negative interest rates affect bank risk-taking? (2021)Event Studies in Economics and Finance (1997)Is the crisis problem growing more severe? (2001)This Time Is Different (2009)Monetary Policy and Economic Performance Since the Financial Crisis (2020)Monetary Policy and Economic Performance since the Financial Crisis (2020)Causes and lessons of accelerating global inflation (2023)A General Equilibrium Approach To Monetary Theory (1969)Securitized banking and the run on repo (2011)The Rise and Fall of American Growth (2016)A Program for Monetary Stability (1961)The Financial Market Effects of the Federal Reserve's Large-Scale Asset Purchases (2012)Quantitative Easing In Overcoming the Crisis: Criticism ofQeinthe Monetary System Of Capitalism (2021)The Financial Market Effects of the Federal Reserve's Large-Scale Asset Purchases * (2024)House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle (2005)Credit and Banking in a DSGE Model of the Euro Area (2010)Exchange Rate Pass-through in Small, Open, Commodity-exporting Economies: Lessons from Canada (2022)Public Guarantees and Credit Additionality During the Covid-19 Pandemic (2022)Gender quotas, board diversity and spillover effects. Evidence from Italian banks (2024)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)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)Common risk factors in the returns on stocks and bonds (1993)The Appropriate Use of Monetary and Fiscal Policy for Internal and External Stability (1962)British monetary policy, 1945-51 (1994)Monetary Policy and Financial Repression in Britain, 1951–59 (2014)Estimating the Euler equation for output (2004)Tobin's Imperfect Asset Substitution in Optimizing General Equilibrium (2004)The Aggregate Demand Effects of Short- and Long-Term Interest Rates (2012)Macro and micro of external finance premium and monetary policy transmission (2024)
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  • 2018A SURVEY OF THE INTERNATIONAL EVIDENCE AND LESSONS LEARNED ABOUT UNCONVENTIONAL MONETARY POLICIES: IS A ‘NEW NORMAL’ IN OUR FUTURE?41 cited
  • 2018Implications of negative interest rate policies: An early assessment39 cited
  • 2022Substitutability between Balance Sheet Reductions and Policy Rate Hikes: Some Illustrations and a Discussion32 cited
  • 2020Unconventional monetary policy and household debt: The role of cash-flow effects31 cited
  • 2022How persistent are unconventional monetary policy effects?19 cited
  • 2014How Persistent Are Unconventional Monetary Policy Effects?17 cited
  • 2018Quantitative Easing: A Postmortem15 cited
  • 2019Equal treatment under the Fed: Interest on reserves, the federal funds rate, and the ‘Third Regime’ of bank behavior15 cited
  • 2021COMMENTARY: QUANTITATIVE TIGHTENING: PROTECTING MONETARY POLICY FROM FISCAL ENCROACHMENT11 cited
  • 2020Misallocation costs of digging deeper into the central bank toolkit10 cited

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