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The impact of large-scale asset purchases on the S&P 500 index, long-term interest rates and unemployment

机译：大规模资产购买对标普500指数，长期利率和失业的影响

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After the bankruptcy of Lehman Brothers in September 2008 and the financial panic that ensued, the Federal Reserve moved rapidly to reduce the federal funds rate to .25%. It was quickly judged that additional measures were needed to stabilize the US economy. Beginning in December 2008, the Federal Reserve Bank initiated three rounds of unconventional monetary policies known as quantitative easing (QE). These policies were intended to reduce long-term interest rates when the short-term federal funds rates had reached the zero lower bound and could not become negative. It was argued that the lowering of longer-term interest rates would help the stock market and thus the wealth of consumers. This article carefully investigates three hypotheses: QE impacting long-term interest rates, QE impacting the stock market and QE impacting unemployment using a Markov regime switching methodology. We conclude that QE has contributed significantly to increases in the stock market but less significantly to long-term interest rate and unemployment.
机译：在2008年9月雷曼兄弟（Lehman Brothers）破产和随之而来的金融恐慌之后，美联储迅速采取行动，将联邦基金利率降至0.25％。很快就判断出需要采取其他措施来稳定美国经济。从2008年12月开始，美联储发起了三轮非常规货币政策，称为量化宽松（QE）。这些政策旨在在短期联邦基金利率达到零下限且不会变为负数时降低长期利率。有人认为，降低长期利率将有助于股票市场，从而有助于消费者的财富。本文仔细研究了三个假设：使用马尔可夫政权转换方法，量化宽松影响长期利率，量化宽松影响股票市场以及量化宽松影响失业。我们得出的结论是，量化宽松对股市增长的贡献很大，但对长期利率和失业的贡献却不那么重要。

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