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SUMMARY:An experimental analysis of the effect of Quantitative Easing - No
 buyuki Hanaki\, University of Nice
DTSTART:20180208T130000Z
DTEND:20180208T140000Z
UID:TALK93880@talks.cam.ac.uk
CONTACT:CERF/CF Admin
DESCRIPTION:(joint work with A. Penalver\, E. Akiyama\, Y. Funaki)\n\n\nIn
  this paper we report the results of a repeated experiment in which a cent
 ral bank buys bonds for cash in a quantitative easing (QE) operation in an
  otherwise standard asset market setting. The experiment is designed so th
 at bonds have a constant fundamental value which is not affected by QE und
 er rational expectations. By repeating the same experience three times\, w
 e investigate whether participants learn that prices should not rise above
  the fundamental price in the presence of QE (as found in. Penalver et al.
 \, 2017). We find that some groups do learn this but most do not\, instead
  becoming more convinced that QE boosts bond prices.\nThese claims are bas
 ed on significantly different behaviour of two treatment groups relative t
 o a control group that doesn't have QE.\n
LOCATION:Room W4.03 Cambridge Judge Business School
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