Credit Easing versus Quantitative Easing: Evidence from Corporate and Government Bond Purchase Programs
利用证券级数据，分析英国公司债券购买（信贷宽松）和政府债券购买（量化宽松）对公司债券价格和发行的影响，发现信贷宽松在降低信用利差和刺激债券发行方面更有效。
Abstract Using security‐level data, we analyze the effects of UK corporate bond purchases (or credit easing, CE) and government bond purchases (or quantitative easing, QE) on corporate bond prices and issuance. Thus, we estimate CE's stock effects and its additional contribution relative to QE. We find that CE is more effective than QE in reducing credit spreads, especially for higher rated bonds, and in stimulating corporate bond issuance, which responds quite rapidly to corporate bond purchases. While QE pass‐through to corporate bond prices is significant and larger in the longer run than at announcement, it is often limited to the default‐free component of the corporate yield.