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SUMMARY:Roundheads versus Cavaliers: Assessing the Impact of Quantitative 
 Easing - Prof Jagjit Chadha (University of Kent)
DTSTART:20101109T170000Z
DTEND:20101109T180000Z
UID:TALK27209@talks.cam.ac.uk
CONTACT:Rachel Marston
DESCRIPTION:Quantitative easing in the UK has involved the creation of fun
 d to purchase medium term dated government bonds with borrowed central ban
 k reserves and so has increased the liquidity of non-bank financial sector
  and temporarily eased the budget constraint of HMT. We outline the theore
 tical rationales for QE: i) portfolio balance of the non-bank financial se
 ctor\; ii) an offset for the zero bound\; iii) signalling mechanism about 
 medium term inflation expectations. And gauge its effectiveness in terms o
 f the impact on asset prices. We assess the impact on a macro-finance yiel
 d curve and judge that the purchases programme has subtracted some 100Bp f
 rom medium term yields.
LOCATION:Winstanley Lecture Hall\, Trinity College
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