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Fig. 2 | Financial Innovation

Fig. 2

From: Spillovers of US unconventional monetary policy: quantitative easing, spreads, and international financial markets

Fig. 2

Fed’s quantitative easing policy (US UMP). Note: The US mortgage spread is calculated as the difference between the 30-year fixed rate mortgage rate and 10-year Treasury bond rate. The US term spread is also defined as the difference between 30-year and 10-year Treasury yields. MBS and TS represent the Fed’s balance sheet holdings of MBS and TS, respectively. The QE1, QE2, operation twist, and QE3 span the periods, respectively: November 25, 2008 to April 11, 2010 (the QE1); August 10, 2010 to November 3, 2010(the QE2); September 21, 2011 to September 30, 2012(the operation twist); September 30, 20132 to February 24, 2013 (the QE3)

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