Research Discussion Paper – RDP 2022-02 The Yield and Market Function Effects of the Reserve Bank of Australia's Bond Purchases
Richard Finlay, Dmitry Titkov and Michelle Xiang
May 2022
Contents
- Introduction
- How Bond Purchases Work, and the International Experience
- Event Study of Announcement Effects
- Implementation Effects
- Additional Analysis of Yield Effects
- Expected Future Short-term Rates and Term Premia
- Effects on Market Functioning
- Conclusion
- References
The authors would like to thank Matthew Boge, Andrea Brischetto, Christopher Kent, Marion Kohler, Carl Schwartz, John Simon, Matthew Wheadon and participants in internal Reserve Bank seminars for helpful comments and suggestions. The views expressed in this paper are those of the authors and do not necessarily reflect the views of the Reserve Bank of Australia. The authors are solely responsible for any errors.