01825cas a2200253 a 4500 AALejournalIMF017935 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484320730 1018-5941 BD-DhAAL BD-DhAAL Diez de los Rios, Antonio. Quantitative Easing and Long-Term Yields in Small Open Economies / Antonio Diez de los Rios, Maral Shamloo. Washington, D.C. : International Monetary Fund, 2017. 1 online resource (46 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students We compare the effectiveness of Federal Reserve's asset purchase programs in lowering longterm yields with that of similar programs implemented by the Bank of England, the Swedish Riksbank, and the Swiss National Bank's reserve expansion program. We decompose government bond yields into (i) an expectations component, (ii) a global, and (iii) a country specific term premium to analyze two-day changes in 10-year yields around announcement dates. We find that, in contrast to the Federal Reserve's asset purchases, the programs implemented in these smaller economies have not been able to affect the global term premium and, furthermore, they have had limited, but significant, effect in lowering long-term yields. Mode of access: Internet Shamloo, Maral. IMF Working Papers; Working Paper ; No. 2017/212 Full text available on IMF http://elibrary.imf.org/view/journals/001/2017/212/001.2017.issue-212-en.xml IMF e-Library