ABSTRACT:The Federal Reserve on net purchased almost $4 trillion in additional securities between March 2009 and December 2014. Although the initial announcements of these policies were associated with dramatic market reactions, these responses were soon reversed. The overall market reaction to news surprises from the Federal Reserve over this period was increases, not decreases, in interest rates. It is hard to disentangle the effects of the purchases themselves from new information about economic fundamentals. My conclusion is that it is difficult to estimate accurately what large-scale asset purchases accomplished, but the magnitude of the effect is likely smaller than commonly believed.

中文翻译：

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短期利率处于有效下限时大规模资产购买的效力

摘要：2009年3月至2014年12月，美联储净购买了近4万亿美元的额外证券。尽管这些政策的最初宣布与市场的强烈反应有关，但这些反应很快就被扭转了。在此期间，市场对美联储意外消息的总体反应是利率上升而不是下降。很难将购买本身的影响与有关经济基本面的新信息区分开来。我的结论是，很难准确估计完成大规模资产购买的数量，但其影响程度可能比通常认为的要小。