{"id":"https://openalex.org/W1787597220","doi":null,"title":"The effectiveness of the Federal Reserve's Maturity Extension Program - Operation Twist 2: the portfolio rebalancing channel and public debt management","display_name":"The effectiveness of the Federal Reserve's Maturity Extension Program - Operation Twist 2: the portfolio rebalancing channel and public debt management","publication_year":2012,"publication_date":"2012-01-01","ids":{"openalex":"https://openalex.org/W1787597220","mag":"1787597220"},"language":"en","primary_location":{"id":"mag:1787597220","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2081980_code456443.pdf?abstractid=2081980&mirid=1","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"volume":null,"type":"preprint","indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2081980_code456443.pdf?abstractid=2081980&mirid=1","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5087936108","display_name":"Torsten Ehlers","orcid":"https://orcid.org/0000-0001-9682-3033","observed_orcids":["https://orcid.org/0000-0001-9682-3033"]},"institutions":[{"id":"https://openalex.org/I52989892","display_name":"Bank for International Settlements","ror":"https://ror.org/00d062t77","country_code":"CH","type":"other","lineage":["https://openalex.org/I52989892"]}],"countries":["CH"],"is_corresponding":true,"raw_author_name":"Torsten Ehlers","raw_affiliation_strings":["Bank for International Settlements (BIS)"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Bank for International Settlements (BIS)","institution_ids":["https://openalex.org/I52989892"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5087936108"],"corresponding_institution_ids":["https://openalex.org/I52989892"],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":12,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":"65","issue":null,"first_page":"245","last_page":"255"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.986299991607666,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.986299991607666,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11621","display_name":"Fiscal Policies and Political Economy","score":0.0027000000700354576,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14166","display_name":"European Monetary and Fiscal Policies","score":0.0020000000949949026,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/federal-reserve","display_name":"Federal Reserve","score":0.878000020980835},{"id":"https://openalex.org/keywords/portfolio-rebalancing-channel","display_name":"portfolio rebalancing channel","score":0.9419999718666077},{"id":"https://openalex.org/keywords/public-debt-management","display_name":"public debt management","score":0.9229999780654907},{"id":"https://openalex.org/keywords/treasury-securities","display_name":"Treasury securities","score":0.7649999856948853},{"id":"https://openalex.org/keywords/interest-rate-effects","display_name":"interest rate effects","score":0.6899999976158142},{"id":"https://openalex.org/keywords/fiscal-dominance","display_name":"fiscal dominance","score":0.734000027179718},{"id":"https://openalex.org/keywords/monetary-policy","display_name":"monetary policy","score":0.5920000076293945}],"concepts":[{"id":"https://openalex.org/C2780889827","wikidata":"https://www.wikidata.org/wiki/Q10756188","display_name":"Treasury","level":2,"score":0.82951819896698},{"id":"https://openalex.org/C101433766","wikidata":"https://www.wikidata.org/wiki/Q3543263","display_name":"Maturity (psychological)","level":2,"score":0.6694920659065247},{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.6327057480812073},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.6199277639389038},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5464476943016052},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5241755843162537},{"id":"https://openalex.org/C2778489760","wikidata":"https://www.wikidata.org/wiki/Q12695","display_name":"Government debt","level":3,"score":0.4927652180194855},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.4629320502281189},{"id":"https://openalex.org/C2779307704","wikidata":"https://www.wikidata.org/wiki/Q11794832","display_name":"Coupon","level":2,"score":0.4537906050682068},{"id":"https://openalex.org/C151913843","wikidata":"https://www.wikidata.org/wiki/Q3454555","display_name":"Dominance (genetics)","level":3,"score":0.45316755771636963},{"id":"https://openalex.org/C120310109","wikidata":"https://www.wikidata.org/wiki/Q3239315","display_name":"Fixed income","level":3,"score":0.4210042655467987},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.38304638862609863},{"id":"https://openalex.org/C69738904","wikidata":"https://www.wikidata.org/wiki/Q11693","display_name":"Bond","level":2,"score":0.3742804527282715},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3666185438632965},{"id":"https://openalex.org/C138496976","wikidata":"https://www.wikidata.org/wiki/Q175002","display_name":"Developmental psychology","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C185592680","wikidata":"https://www.wikidata.org/wiki/Q2329","display_name":"Chemistry","level":0,"score":0.0},{"id":"https://openalex.org/C55493867","wikidata":"https://www.wikidata.org/wiki/Q7094","display_name":"Biochemistry","level":1,"score":0.0},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.0},{"id":"https://openalex.org/C104317684","wikidata":"https://www.wikidata.org/wiki/Q7187","display_name":"Gene","level":2,"score":0.0},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"mag:1787597220","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2081980_code456443.pdf?abstractid=2081980&mirid=1","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},{"id":"mag:3122778829","doi":null,"is_oa":false,"landing_page_url":"https://ideas.repec.org/h/bis/bisbpc/65-14.html","pdf_url":null,"source":{"id":"https://openalex.org/S4306504462","display_name":"BIS Papers chapters","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"BIS Papers chapters","raw_type":null},{"id":"mag:3126018893","doi":null,"is_oa":false,"landing_page_url":"http://econpapers.repec.org/RePEc:bis:bisbpc:65-14","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null}],"best_oa_location":{"id":"mag:1787597220","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2081980_code456443.pdf?abstractid=2081980&mirid=1","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":6,"referenced_works":["https://openalex.org/W2103288187","https://openalex.org/W2114597179","https://openalex.org/W2160778919","https://openalex.org/W3021990645","https://openalex.org/W3123320649","https://openalex.org/W3125683474"],"related_works":["https://openalex.org/W2883900918","https://openalex.org/W1554205235","https://openalex.org/W2170684803","https://openalex.org/W2469292741","https://openalex.org/W2807329187","https://openalex.org/W3083313043","https://openalex.org/W2160778919","https://openalex.org/W7097338165","https://openalex.org/W6959243544","https://openalex.org/W2585607462"],"abstract_inverted_index":{"This":[0],"paper":[1],"provides":[2],"a":[3],"first":[4],"assessment":[5],"of":[6,22,52,64,87,97],"the":[7,19,28,34,50,61,65,71,84,88],"Federal":[8],"Reserve\u2019s":[9],"recent":[10],"Maturity":[11],"Extension":[12],"Program,":[13],"dubbed":[14],"Operation":[15,73],"Twist":[16,74],"2.":[17],"Despite":[18],"mere":[20],"exchange":[21],"short-term":[23],"for":[24],"long-term":[25],"Treasury":[26,55],"securities,":[27,57],"announcement":[29],"effect":[30],"is":[31,47],"comparable":[32],"to":[33],"second":[35],"Large":[36],"Scale":[37],"Asset":[38],"Purchase":[39],"programme":[40],"(LSAP2).":[41],"The":[42],"portfolio":[43],"rebalancing":[44],"channel,":[45],"however,":[46],"countervailed":[48],"by":[49],"issuance":[51],"even":[53],"more":[54],"coupon":[56],"which":[58],"may":[59],"explain":[60],"temporary":[62],"nature":[63],"observed":[66],"interest":[67],"rate":[68],"effects.":[69],"In":[70],"extreme,":[72],"2":[75],"and":[76],"LSAP2":[77],"can":[78],"be":[79],"viewed":[80],"as":[81],"just":[82],"offsetting":[83],"adverse":[85],"impact":[86],"pronounced":[89],"increase":[90],"in":[91],"outstanding":[92],"government":[93],"securities.Full":[94],"publication:":[95],"Threat":[96],"fiscal":[98],"dominance?":[99]},"counts_by_year":[{"year":2023,"cited_by_count":2},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":4},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":1},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":1}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2016-06-24T00:00:00"}