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Michael Joyce

Research Interests

  • Monetary policy
  • Term structure
  • Financial markets and institutions

Refereed Publications

  • Joyce, M., Z. Liu and I. Tonks, Institutional investors and the QE portfolio balance channel, Journal of Money, Credit & Banking, forthcoming.
  • Joyce, M., N. McLaren and C. Young (2012), Quantitative easing in the United Kingdom: evidence from financial markets on QE1 and QE2, Oxford Review of Economic Policy, Vol. 28(4), pp. 671-701.
  • Joyce, M., D. Miles, A. Scott and D. Vayanos (2012), Quantitative easing and unconventional monetary policy – an introduction, The Economic Journal, Vol. 122(564), pp. F271-F288.
  • Joyce, M. and M. Tong (2012), QE and the gilt market: a disaggregated analysis, The Economic Journal, Vol. 122(564), pp. F348-F384.
  • Joyce, M., I. Kaminska and P. Lildholdt (2012), Understanding the real rate conundrum: an application of no-arbitrage finance models to the UK real yield curve, Review of Finance, Vol. 16(3), pp. 837-866.
  • Joyce, M., A. Lasaosa, M. Tong, M and I. Stevens (2011), The financial market impact of quantitative easing in the United Kingdom, International Journal of Central Banking, Vol. 7(3), pp. 113-161.
  • Joyce, M., A. Lasaosa, M. Tong, M and I. Stevens (2011), The financial market impact of quantitative easing in the United Kingdom, International Journal of Central Banking, Vol. 7(3), pp. 113-161.
  • Joyce, M., and V. Read (2002), Asset Price Reactions to RPI Announcements, Applied Financial Economics, Vol. 12(4), pp. 253-270.

Other Working Papers and Publications

  • Blattner, T. and M. Joyce (2016), Net debt supply shocks in the euro area and the implications for QE, ECB Working Paper No. 1957.
  • Churm, R., M. Joyce, G. Kapetanios, and K. Theodoridis (2015), Unconventional monetary policies and the macroeconomy: the impact of the United Kingdom’s QE2 and Funding for Lending Scheme, Bank of England Staff Working Paper No. 542.
  • Joyce, M., Z. Liu and I. Tonks (2015), Institutional investor investment behaviour during the Crisis and the portfolio balance effect of QE, VoxEU.
  • Joyce, M. and M. Spaltro (2014), Quantitative easing and bank lending: a panel data approach, Bank of England Working Paper No. 504.
  • Chadha, J., A. Durre, M. Joyce and L. Sarno (2014), Editor's introductory chapter and overview, in Developments in Macro-Finance Yield Curve Modelling, Cambridge University Press (editors Chadha, J., A. Durre, M. Joyce and L. Sarno), pp.1-16.
  • Joyce, M. (2012), Quantitative easing and other unconventional monetary policies: Bank of England conference summary, Bank of England Quarterly Bulletin, pp. 48-56.
  • Joyce, M., M. Tong and R. Woods (2011), The economic impact of QE: Lessons from the UK, VoxEU.
  • Joyce, M., M. Tong and R. Woods (2011), The United Kingdom’s quantitative easing policy: design, operation and impact, Bank of England Quarterly Bulletin, pp. 200-212.
  • Joyce, M. and A. Meldrum (2008), Market expectations of future Bank Rate, Bank of England Quarterly Bulletin, pp. 274-282.
  • Joyce, M., J. Relleen and S. Sorensen (2008), Measuring monetary policy expectations from financial market instruments, ECB Working Paper No. 978.
  • Joyce, M., S. Sorensen and O. Weeken (2008), Recent advances in extracting policy-relevant information from market interest rates, Bank of England Quarterly Bulletin, pp. 157-166.
  • Cassino, V. and Joyce, M. (2003), Forecasting inflation using labour market indicators, Bank of England Working Paper No. 195.
  • Joyce, M., J. Jones and J. Thomas (2003), Non-employment and labour availability, Bank of England Quarterly Bulletin, pp. 291-303.

Additional information

Contact

Michael Joyce

Michael Joyce

+49 69 9566-6630

Address

Deutsche Bundesbank

Central Office, Directorate General Economics

Wilhelm-Epstein-Straße 14
60431 Frankfurt am Main