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Analysing the impact of the Fed’s mortgage-backed securities purchase |
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Written by Other (See Below)
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by Johannes Stroebel and John Taylor (c) VoxEu.org Should the Fed scale back its ownership of mortgage-backed securities? This column analyses the effect of the programme on mortgage interest rates. Controlling for prepayment and default risk suggests the programme has had little or no impact, and that the Fed could gradually cut the size of its portfolio without a significant impact on the mortgage market.
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