It is claimed that this reduces the impact on bond yields. But, in fact if one standardises the size of the various programmes and takes into account  1  Cf. Michael A S Joyce, Zhuoshi Liu, Ian Tonks (2014): Institutional investor portfolio allocation, quantitative easing and the global financial crisis, Bank of England Working Paper No. 510, http://www.bankofengland.co.uk/research/Documents/workingpapers/2014/wp510.pdf.
BIS central bankers’ speeches  3  anticipation effects, the overall impact of our programme on bond yields was comparable in size to that observed in other jurisdictions such as the US and the UK. Conditions also differ because financial structures differ. In the euro area, corporate debt financing mainly takes place via banks, as opposed to capital markets in the United States.