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Erscheinungsjahr: 
2014
Schriftenreihe/Nr.: 
Bank of Canada Working Paper No. 2014-43
Verlag: 
Bank of Canada, Ottawa
Zusammenfassung: 
The U.S. Federal Reserve responded to the great recession by reducing policy rates to the effective lower bound. In order to provide further monetary stimulus, they subsequently conducted large-scale asset purchases, quadrupling their balance sheet in the process. We assess the international spillover effects of this quantitative easing program on the Canadian economy in a factor-augmented vector autoregression (FAVAR) framework, by considering a counterfactual scenario in which the Federal Reserve's long-term asset holdings do not rise in response to the recession. We find that U.S. quantitative easing boosted Canadian output, mainly through the financial channel.
Schlagwörter: 
Transmission of monetary policy
International topics
Monetary policy framework
JEL: 
C32
E52
E58
F42
F44
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Dokumentart: 
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