# Professor Marti Subrahmanyam's joint research on the impact of the European Central Bank's policies on bond markets is spotlighted

1 Faculty News January 31, 2019 ![Forbes logo](/sites/default/files/styles/246w/public/assets/images/con_030508.jpg?itok=SId6k3bx)>

Excerpt from [Forbes](https://www.forbes.com/sites/simonconstable/2019/01/31/the-unintended-consequences-of-central-bank-policies-part-1-of-2/#2cde17b225a9)-- "Just like the Federal Reserve did before it, the ECB engaged in a multi-trillion euro bond-buying program designed to lower the absolute level of interest rates in the countries of the eurozone, Europe's single currency area. Unfortunately, that program had the unintended consequence of messing up Europe's bond market so allowing private financiers to profit via riskless trades to the tune of hundreds of millions of euros, new research shows."

[Read more](https://www.forbes.com/sites/simonconstable/2019/01/31/the-unintended-consequences-of-central-bank-policies-part-1-of-2/#2cde17b225a9)