What are the macroeconomic effects of asset purchases?
用贝叶斯VAR模型分析英美两国政府债券大规模购买公告对实际GDP和CPI的影响，发现购买规模为GDP的1%时，美国实际GDP和CPI分别上升0.58%和0.62%，英国分别上升0.25%和0.32%，且传导机制不同。
The impact of announcements of large-scale purchases of government bonds on real GDP and the CPI in the United Kingdom and the United States is explored with a Bayesian VAR, estimated on monthly data from 2009M3 to 2014M5. Four different identification schemes are used, all leaving the reactions of GDP and CPI unrestricted, and the transmission channels of the policy are examined. An asset purchase announcement of 1% of GDP leads to a statistically significant rise of 0.58% (0.25%) and 0.62% (0.32%) rise in real GDP and CPI for the US (UK). The transmission channels differ in the two countries.