> گروه بندی فایل ها > پژوهش و پایان نامه > دانلود رایگان مقالات لاتین science direct > سال 2015 > Journal of Banking - Finance > دوره 52 ماه March > توصیف فایل ها ? Analyzing Federal Reserve asset purchases: From whom does the Fed buy چکیده ای از مقاله Asset purchases have become an important monetary policy tool of the Federal Reserve in recent years. To date, most studies of the Federal Reserve’s asset purchases have tried to measure the interest rate effects of the purchases, and several provide evidence that these purchases do have important effects on longer-term market interest rates. The theory of how asset purchases work, however, is less well developed. Some of the empirical studies point to ‘‘preferred habitat’’ models in which investors do not have the same objectives, and therefore prefer to hold different types and maturities of securities. To study this more closely, we exploit Flow of Funds data to assess the types of investors that are selling to the Federal Reserve and their portfolio adjustment after these sales, which could provide a view to the plausibility of preferred habitat models and the transmission of unconventional monetary policy across asset markets. We find that the Federal Reserve is ultimately buying from only a handful of investor types, primarily households (which includes hedge funds), with a different reaction to changes in Federal Reserve holdings of longer-term versus shorter-term assets. Although not evident for all investors, the key participants are shown to rebalance their portfolios toward more risky assets during this period. These results can be interpreted as supporting, at least in part, the preferred habit theory and the view that the monetary policy transmission is working across asset markets. تاریخ ثبت: 1394/12/02 تعداد مطالعه: 279 تعداد دریافت: 1 حجم فایل : 873.99 KB گروه: دوره 52 ماه March دریافت فایل: همراه با تیم: عضویت طرح فیروزه کارتابل(میزکار) همراهان تیم دعوت از دوستان همگام با تیم:عضویت طرح یاقوت همیار با تیم: عضویت طرح زمرد همکار با تیم: عضویت ویژه الماس جستجو یار مالی شغلی مترجم یار مالی حسابداری تور مجازی ارتباط با تیم اجرایی دیدگاه کاربران نام: پست الکترونیک: * متن: * کد امنیتی: *