Morning Must-Read: Michael Joyce et al.: The Portfolio Balance Effect of QE

Michael Joyce et al.:
The Portfolio Balance Effect of QE:
"A key transmission mechanism of QE...

...has been the ‘portfolio balance’ channel.... Insurance companies and pension funds... [in] the UK.... Investors shifted their portfolios away from government bonds towards corporate bonds. But portfolio rebalancing has been limited to corporate bonds and did not extend to equities...