How Long to Read The Scarcity Effect of Quantitative Easing on Repo Rates: Evidence from the Euro Area

How Long Does it Take to Read The Scarcity Effect of Quantitative Easing on Repo Rates: Evidence from the Euro Area?

It takes the average reader and 45 minutes to read The Scarcity Effect of Quantitative Easing on Repo Rates: Evidence from the Euro Area by William Arrata

Assuming a reading speed of 250 words per minute. Learn more

Description

Most short-term interest rates in the Euro area are below the European Central Bank deposit facility rate, the rate at which the central bank remunerates banks’ excess reserves. This unexpected development coincided with the start of the Public Sector Purchase Program (PSPP). In this paper, we explore empirically the interactions between the PSPP and repo rates. We document different channels through which asset purchases may affect them. Using proprietary data from PSPP purchases and repo transactions for specific (“special") securities, we assess the scarcity channel of PSPP and its impact on repo rates. We estimate that purchasing 1 percent of a bond outstanding is associated with a decline of its repo rate of 0.78 bps. Using an instrumental variable, we find that the full effect may be up to six times higher.

How long is The Scarcity Effect of Quantitative Easing on Repo Rates: Evidence from the Euro Area?

The Scarcity Effect of Quantitative Easing on Repo Rates: Evidence from the Euro Area by William Arrata is 45 pages long, and a total of 11,475 words.

This makes it 15% the length of the average book. It also has 14% more words than the average book.

How Long Does it Take to Read The Scarcity Effect of Quantitative Easing on Repo Rates: Evidence from the Euro Area Aloud?

The average oral reading speed is 183 words per minute. This means it takes 1 hour and 2 minutes to read The Scarcity Effect of Quantitative Easing on Repo Rates: Evidence from the Euro Area aloud.

What Reading Level is The Scarcity Effect of Quantitative Easing on Repo Rates: Evidence from the Euro Area?

The Scarcity Effect of Quantitative Easing on Repo Rates: Evidence from the Euro Area is suitable for students ages 8 and up.

Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.

When deciding what to show young students always use your best judgement and consult a professional.

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