QE Skeptics Overstate Their Case @ Forex Factory

From piie.com

Four prominent economists (David Greenlaw, James Hamilton, Ethan Harris, and Kenneth West, or GHHW) attracted much attention earlier this year when they argued that the consensus of previous studies overstates the effects of quantitative easing (QE) on long-term interest rates. However, a careful reading of their paper and the associated data suggests that their conclusion is also overstated. It is true that some studies of the initial round of QE, or QE1, may have found effects on bond yields that were larger than would be expected in noncrisis circumstances. But the evidence suggests that moderately lower estimates, such as those employed … (full story)

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