The Bank of England, the Federal Reserve (Fed) and the European Central Bank (ECB) have responded to the crisis with … exceptional initiatives resulting in a major increase in their balance sheets. After the ECB's end-2011 launch of three-year bank … differences remain: the Bank of England and Fed have mostly relied on large-scale purchases of government bonds, while the ECB has …

central bank purchases reduce the free-float of duration risk and hence compress term premia of yields. We estimate the stock …

We trace the impact of the European Central Bank (ECB) asset purchase programme (APP) on the yield curve. Exploiting … which central bank purchases reduce the free-float of duration risk and hence compress term premia of yields. We estimate …