The response of sovereign bonds yields to U.S. monetary policy

To provide further stimulus to the economy in response to a cascade of shocks that roiled financial markets in the latter part of 2008 the U.S. Federal Reserve started to aggressively employ unconventional monetary policy measures after the Federal Open Market Committee (FOMC) lowered the target for...

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Autores principales:	Gilchrist, Simon, Yue, Vivian Z., Zakrajsek, Egon
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	BONOS POLÍTICA MONETARIA MERCADO FINANCIERO
Acceso en línea:	https://hdl.handle.net/20.500.12580/3854
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spelling	oai-20.500.12580-38542021-04-24T11:13:04Z The response of sovereign bonds yields to U.S. monetary policy Gilchrist, Simon Yue, Vivian Z. Zakrajsek, Egon BONOS POLÍTICA MONETARIA MERCADO FINANCIERO To provide further stimulus to the economy in response to a cascade of shocks that roiled financial markets in the latter part of 2008 the U.S. Federal Reserve started to aggressively employ unconventional monetary policy measures after the Federal Open Market Committee (FOMC) lowered the target for the federal funds rate to its effective lower bound on 16 December 2008. In this paper we explore whether the Federal Reserve’s unconventional monetary policy actions have significantly influenced asset markets beyond U.S. borders. Until recently the empirical work on this question has been relatively limited. A few prior studies find evidence of cross-country spillovers in the international bond market but they provide little insight into how the strength and scope of these spillovers compare with those during the conventional monetary policy period. The characteristics of the international spillovers across advanced economies and emerging economies are also an interesting topic with relatively little discussion so far. 2019-11-01T00:07:43Z 2019-11-01T00:07:43Z 2016 Artículo 978-956-7421-52-7 https://hdl.handle.net/20.500.12580/3854 eng Series on Central Banking Analysis and Economic Policies no. 24 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 257-283 application/pdf ESTADOS UNIDOS Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	BONOS POLÍTICA MONETARIA MERCADO FINANCIERO
spellingShingle	BONOS POLÍTICA MONETARIA MERCADO FINANCIERO Gilchrist, Simon Yue, Vivian Z. Zakrajsek, Egon The response of sovereign bonds yields to U.S. monetary policy
description	To provide further stimulus to the economy in response to a cascade of shocks that roiled financial markets in the latter part of 2008 the U.S. Federal Reserve started to aggressively employ unconventional monetary policy measures after the Federal Open Market Committee (FOMC) lowered the target for the federal funds rate to its effective lower bound on 16 December 2008. In this paper we explore whether the Federal Reserve’s unconventional monetary policy actions have significantly influenced asset markets beyond U.S. borders. Until recently the empirical work on this question has been relatively limited. A few prior studies find evidence of cross-country spillovers in the international bond market but they provide little insight into how the strength and scope of these spillovers compare with those during the conventional monetary policy period. The characteristics of the international spillovers across advanced economies and emerging economies are also an interesting topic with relatively little discussion so far.
format	Artículo
author	Gilchrist, Simon Yue, Vivian Z. Zakrajsek, Egon
author_facet	Gilchrist, Simon Yue, Vivian Z. Zakrajsek, Egon
author_sort	Gilchrist, Simon
title	The response of sovereign bonds yields to U.S. monetary policy
title_short	The response of sovereign bonds yields to U.S. monetary policy
title_full	The response of sovereign bonds yields to U.S. monetary policy
title_fullStr	The response of sovereign bonds yields to U.S. monetary policy
title_full_unstemmed	The response of sovereign bonds yields to U.S. monetary policy
title_sort	response of sovereign bonds yields to u.s. monetary policy
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3854
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The response of sovereign bonds yields to U.S. monetary policy

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