A quantitative easing experiment

Material type: 文書・図像類

Author: Penalver, Adrianほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2020-07

Material Format: Paper

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Note (General)：: We experimentally investigate the effect of a central bank buying bonds for cash in a quantitative easing (QE) operation. In our experiment, the bonds...

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Paper

Material Type: 文書・図像類
Title: A quantitative easing experiment
Author/Editor: Penalver, Adrian
Hanaki, Nobuyuki
Akiyama, Eizo
Funaki, Yukihiko
Ishikawa, Ryuichiro
Author Heading: Penalver, Adrian
Hanaki, Nobuyuki
https://nrid.nii.ac.jp/nrid/1000070400611
Akiyama, Eizo
https://nrid.nii.ac.jp/nrid/1000040317300
Funaki, Yukihiko
https://nrid.nii.ac.jp/nrid/1000050181433
Ishikawa, Ryuichiro
https://nrid.nii.ac.jp/nrid/1000080345454
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2020-07
Publication Date (W3CDTF): 2020-07
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1094
Volume: 1094
Pages: 1-35
ISSN (Periodical Title): PISSN : 0473453X
EISSN : 24350982
Text Language Code: eng
Subject Heading: Quantitative easing
experimental asset market
expectation dynamics
Target Audience: 一般
Note (General): We experimentally investigate the effect of a central bank buying bonds for cash in a quantitative easing (QE) operation. In our experiment, the bonds are perfect substitutes for cash and have a constant fundamental value which is not affected by QE in the rational expectations equilibrium. We find that QE raises bond prices above those in the benchmark treatment without QE. Subjects in the benchmark treatment learned to trade the bonds at their fundamental value but those in treatments with QE became more convinced after repeated exposure to the same treatment that QE boosts bond prices. This suggests the possibility of a behavioural channel for the observed effects of actual QE operations on bond yields.
References (URI): http://www.iser.osaka-u.ac.jp/library/dp/2020/DP1094.pdf
URI
http://www.iser.osaka-u.ac.jp/library/dp/2020/DP1094.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華