For example, the decline in 10-year Treasury yields associated with the first purchase program is estimated to have been as large as 100 basis points. The documented effects associated with subsequent programs are generally smaller. These results raise the question of whether the marginal effect of asset purchases has declined over time.
The recognition that more productive workers and learning go hand-in-hand is becoming ever more visible in schools and in the workplace. Expanded linkages between business and education should be encouraged at all levels of our education system.