On Thursday, March 24, Arvind Krishnamurthy joined Markus’ Academy for a lecture on QE: What Have we Learned? Krishnamurthy is a Professor of Finance at the Stanford Graduate School of Business.
[0:00] Introductory Remarks.
[13:46] Identification challenges in asset pricing event studies.
[29:11] Cases: UK Gilt purchases
[35:42] Cases: Fed reinvesting asset portfolio
[39:12] More unconventional narrow-channel studies
[49:58] Asset pricing theory with narrow channels
[1:00:19] Macroeconomic effects
[1:11:52] Further modeling, policy implications, and research wishlist