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Federal Reserve Bank of St. Louis
Economic Synopses
Has QE been effective?
Daniel L. Thornton

Longer-term yields declined by relatively large amounts on days when the FOMC made specific QE announcements. However, the objective of QE has been to reduce long-term yields beyond the levels they would have reached without QE.

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Daniel L. Thornton, "Has QE been effective?" , Federal Reserve Bank of St. Louis, Economic Synopses, issue 3, 2014.
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