The Narrow Channel of Quantitative Easing: Evidence from YCC Down Under
研究了澳大利亚收益率曲线控制（YCC）的经验，发现该政策在2020年市场预期短期利率长期为零时效果良好，但随着2021年复苏和通胀加速，央行大量购债导致目标债券收益率与其他金融工具脱节，表明央行购债计划的操作范围可能比以往认为的更窄。
ABSTRACT We study the recent Australian experience with yield curve control (YCC) as perhaps the best evidence of how this policy might work in other developed economies. YCC seemingly worked well in 2020, when the market expected short rates to stay at zero for a long period of time. As the global recovery and inflation gained momentum in 2021, liftoff expectations moved up, the Reserve Bank of Australia purchased most of the targeted government bond outstanding, and the target bond's yield dislocated from other financial market instruments. The evidence suggests that central bank bond purchase programs can operate more narrowly than previously considered.