A quantitative easing experiment.
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ABSTRACT:
SUBMITTER: Penalver A
PROVIDER: S-EPMC7455802 | biostudies-literature | 2020 Oct
REPOSITORIES: biostudies-literature
Publications
A quantitative easing experiment.
Penalver Adrian A Hanaki Nobuyuki N Akiyama Eizo E Funaki Yukihiko Y Ishikawa Ryuichiro R
Journal of economic dynamics & control 20200829
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 ...[more]
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