Discover and read the best of Twitter Threads about #governmentbond
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A THREAD on my new paper with @arebucci1 on the impact of #COVID-19-related central bank long-term asset purchases of sovereign debt (#QuantitativeEasing) on government bond yields in both Developed and #EmergingMarkets (1/n) papers.ssrn.com/sol3/papers.cf…
We analyze 20 #COVID-19 QE announcements made by 17 central banks (9 DM central banks, 11 EM central banks) using the classic event study framework of FFJR(1969), extending work of Vissing-Jorgensen and Krishnamurthy (2011) and Swanson (2011) who analyze Great Recession QE (2/n)
Starting with the Fed which led the pack with new QE: the 1-day impact of the Fed's $700 bn MBS+Treasury #QE 3/16 announcement on the US 10-year yield was -0.21% and "unlimited" QE announcement on 3/23 was -0.16%, only slightly smaller than past #GreatRecession era QE (3/n) 
