Using Changes in Auction Maturity Sectors to Help Identify the Impact of QE on Gilt Yields
利用英格兰银行关于未来国债购买期限分布变化的公告作为自然实验，发现预期量化宽松购买的变化对国债收益率有显著影响，且局部供给效应约占这些事件中总影响的一半。
This article uses a novel way of identifying part of the impact of quantitative easing (QE) on gilt yields, using natural experiments associated with Bank of England announcements about changes in the maturity distribution of future gilt purchases. We find that changes in expected QE purchases had a significant effect on gilt yields following each announcement in March 2009, August 2009 and February 2012. The local supply effects we identify appear to be important: they may account for around half of the total impact on gilt yields in these events, and are passed through to yields of related assets.