An Analysis of the Literature on International Unconventional Monetary Policy

Bhattarai, Saroj; Neely, Christopher J.

doi:10.20955/wp.2016.021

Cited by 7 publications

(5 citation statements)

References 44 publications

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“…1 This has been noted also by Bhattarai and Neely (2018) in a nonquantitative revision of the literature. 2 Some authors have also been concerned with cross-national effects of the UMP (Gros et al, 2015;Gambacorta et al, 2014;Buch et al, 2019;Ganelly & Tawk, 2019).…”

Section: N O T E Smentioning

confidence: 76%

Quantitative easing and economic growth in Japan: A meta‐analysis

Ferreira-Lopes

Linhares

Martins

et al. 2021

Journal of Economic Surveys

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We present an original meta-probit analysis for the effect of the Bank of Japan monetary policy on economic growth for the period 2001-2020, using 45 studies. We use impulse response functions in VAR type models to assess if the effects on output of unconventional monetary policies are significant (positive or negative) or not. Funnel asymmetry and precision effect tests do not provide a striking evidence of publication bias. Additionally, we do not find a consensus regarding the output growth effects during the quantitative easing years. Besides variables linked with the studies' methodological features, other variables such as industrial production and the price level have a greater effect on the probability of reporting statistically significant (positive) effects of quantitative easing on output growth. However, one of the most important (policy) implications of our study is that the evidence for a significant real effect of unconventional monetary policy is weak.

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Section: N O T E Smentioning

confidence: 76%

Quantitative easing and economic growth in Japan: A meta‐analysis

Ferreira-Lopes

Linhares

Martins

et al. 2021

Journal of Economic Surveys

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“…For the external determinant, lnUSTA boosted at the end-2008, followed with gradual increments from then until end-2014. The end-2008 elevation in lnUSTA indicated the Fed's first implementation of the QE program upon the ineffectiveness of conventional MP, involving rounds of large-scale purchases of securities (LSAPs) (Neely & Bhattarai, 2016). ) in this research.…”

Section: Descriptive Statisticsmentioning

confidence: 86%

“…Thus, the unconventional monetary policy (UMP) measures i.e. the Quantitative Easing (QE) plans which include a series of asset purchases at large scale (LSAPs) were introduced by the Fed starting from November 2008, to adjust the long-term interest rates (Neely & Bhattarai, 2016). Eventually, studies have mushroomed to examine the influence of US UMP measures both on the US and the rest of the economies, i.e.…”

Section: Introductionmentioning

confidence: 99%

“…small developed nations and developing regions (Chen, Filardo, He, & Zhu, 2016;Hofmann & Takats, 2015;Punzi & Chantapacdepong, 2017). The literature majorly revolves around the theme of US policy rates' alteration and LSAPs announcements, while lesser on the theme of the LSAPs' actual operation (Bauer & Neely, 2014;Borio & Zabai, 2018;Neely & Bhattarai, 2016).…”

Section: Introductionmentioning

confidence: 99%

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Identifying the Factors Affecting Financial Condition of Malaysia

Pang

Lee

2021

IJBS

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This research focuses on the domestic and external determinants of Malaysia’s financial condition, ranging from January 2003 and March 2019. To represent the domestic determinants, a total amount of twelve financial indicators are adopted to compute three indices using the Principal Component Approach (PCA). Three of the indices embody three respective financial segments, particularly the banking system, the foreign exchange market, and the capital market within the Malaysian financial system. These three segments offer a glimpse of the Malaysian financial condition. For the external determinant, the US total assets of all Federal Reserve Banks are adopted as the proxy for the size of the US balance sheet. This research intends to evaluate the validity of the long-run association and its corresponding level of effect between the computed indices and the US balance sheet size via the conduct of the ARDL bounds test approach. The research findings have verified the validity of the long-run association between the Malaysian financial condition and the US balance sheet size. There is a substantial role played by the US balance sheet size in affecting the well-being of Malaysian financial condition, given the statistical significance is shown in the association between the US balance sheet size and the financial-segment-based indices, whereby its strongest influence is found on the banking system condition.

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“…The scenario urged U.S. policymakers to adopt a new monetary measure, the unconventional monetary policy (UMP), i.e. the Quantitative Easing (QE), also being referred as Large-Scale-Asset-Purchase (LSAP) to alter long-term interest rate for the sake of economic stability (Neely & Bhattarai, 2016). Since then, a growing volume of academic discussions has directed their studies on the effects of the adoption of UMP in the U.S. (Neely & Bhattarai, 2016).…”

Section: Introductionmentioning

confidence: 99%