摘要：This paper assesses the effects of the Federal Reserve’s asset
purchase programs on Treasury yields, and provides a framework
to evaluate these effects both initially and over time as
market expectations of the economy and the Federal Reserve’s
balance sheet evolve. Our framework suggests that the first
purchase program had the largest initial impact on the tenyear
Treasury yield, estimated to be about 34 basis points in
early 2009. Although the effect of the first program waned
considerably by the end of 2015, at that time all programs
combined were depressing the ten-year yield by about 100
basis points, reflecting expectations of economic conditions and
Federal Reserve policy.
