The effects of quantitative easing on Bitcoin prices

【Author】 Zhao, Yang; Zhang, Maojun; Pei, Ziting; Nan, Jiangxia

【Source】FINANCE RESEARCH LETTERS

【影响因子】9.848

【Abstract】This study aimed to examine the impact of the US quantitative easing policy on Bitcoin Prices in 2017-2023. A Time-Varying Parameter VAR (TVP-VAR) model was constructed for discussing the price influence mechanisms of quantitative easing on Bitcoins. The study's empirical results showed that the impacts of quantitative easing policies on Bitcoin prices can vary over time, a temporary positive impact on Bitcoin prices through different channels was also observed. Furthermore, it was found to impose a long-term positive impact via the liquidity channel.

【Keywords】Bitcoin price; Quantitative easing; TVP-VAR model

【发表时间】2023 NOV

【收录时间】2023-09-06

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