Passive Quantitative Easing: Bond Supply Effects through Lower Debt Issuance
本文提出降低政府债务发行与央行资产购买（量化宽松）效果等同，称为被动量化宽松，并以丹麦为例证明其通过降低期限溢价和安全溢价压低长期收益率。
Abstract This paper argues that lower government debt issuance is equivalent to a central bank–operated asset purchase program, commonly known as quantitative easing (QE), as both reduce anticipated future bond supply. However, as it involves neither asset purchases nor associated reserves creation, it is labeled passive QE. A novel classification scheme of central bank balance sheet policies ranks passive QE as stimulative. Supportive evidence from a temporary lowering of government debt issuance in Denmark suggests that declines in long‐term yields reflected both reduced term premia, consistent with supply‐induced portfolio balance effects, and increased safety premia, consistent with safe assets scarcity effects.