000			03113cam a22003857 4500
001			w27339
003			NBER
005			20211020103659.0
006			m o d
007			cr cnu||||||||
008			210910s2020 mau fo 000 0 eng d
100	1		_aRebucci, Alessandro. _919208
245	1	3	_aAn Event Study of COVID-19 Central Bank Quantitative Easing in Advanced and Emerging Economies / _cJonathan S. Hartley, Alessandro Rebucci, Daniel Jiménez.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2020.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w27339
500			_aJune 2020.
520	3		_aThis paper conducts an event study of 30 quantitative easing (QE) announcements made by 21 central banks on daily government bond yields and bilateral US dollar exchange rates in March and April 2020, in the midst of the global financial turmoil triggered by the COVID-19 outbreak. The paper also investigates the transmission of innovations to long-term interest rates in a standard GVAR model estimated with quarterly pre-COVID-19 data. We find that QE has not lost effectiveness in advanced economies and that its international transmission is consistent with the working of long-run uncovered interest rate parity and a large dollar shortage shock during the COVID-19 period. In emerging markets, the QE impact on bond yields is much stronger and its transmission to exchange rates is qualitatively different than in advanced economies. The GVAR evidence that we report illustrates the Fed's pivotal role in the global transmission of long-term interest rate shocks, but also the ample scope for country-specific interventions to affect local financial market conditions, even after controlling for common factors and spillovers from other countries. The GVAR evidence also shows that QE interventions can have sizable real effects on output driven by a very persistent impact on long-term interest rates.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE52 - Monetary Policy _2Journal of Economic Literature class.
690		7	_aE58 - Central Banks and Their Policies _2Journal of Economic Literature class.
690		7	_aF42 - International Policy Coordination and Transmission _2Journal of Economic Literature class.
690		7	_aG14 - Information and Market Efficiency • Event Studies • Insider Trading _2Journal of Economic Literature class.
690		7	_aI28 - Government Policy _2Journal of Economic Literature class.
700	1		_aHartley, Jonathan S.
700	1		_aJiménez, Daniel.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w27339.
856	4	0	_uhttps://www.nber.org/papers/w27339
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w27339
942			_2ddc _cW-PAPER
999			_c320785 _d279347