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Quantitative Easing In The United States: A study of quantitative easing as a means to affect inflation in the short-run
Jönköping University, Jönköping International Business School, JIBS, Economics.
Jönköping University, Jönköping International Business School, JIBS, Economics.
2019 (English)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

The purpose of this thesis is to examine how quantitative easing in the United States works through the transmission channels to establish a positive short-run effect on inflation. The research will be based on a time series analysis covering the period 2006-2015 with data collected on a monthly basis. As quantitative easing is a new unconventional monetary policy, we want to contribute to the understanding of its short-run effects on inflation. Using a distributed lag model, we conclude that quantitative easing is positively related to inflation in the short-run. The U.S. short-term interest rate, the federal funds rate, is included in the estimated model to see if it works when quantitative easing has been implemented. Furthermore, crude oil and the USD/EUR exchange rate is included as control variables to reduce the effects of exogenous factors in the estimated model. The regression results of quantitative easing and the federal funds rate showed statistical significance against inflation, however with a very small effect, respectively. In the final section we discuss the limitations of this thesis and future research possibilities.

Place, publisher, year, edition, pages
2019.
Keywords [en]
Quantitative easing, Yield curve, Monetary policy, Federal funds rate, Inflation
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-44324ISRN: JU-IHH-NAA-1-20190144OAI: oai:DiVA.org:hj-44324DiVA, id: diva2:1322510
Subject / course
JIBS, Economics
Supervisors
Examiners
Available from: 2019-06-20 Created: 2019-06-10 Last updated: 2019-06-20Bibliographically approved

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CiteExportLink to record
Permanent link

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Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
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  • Other locale
More languages
Output format
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