Quantitative easing

768: 728:-purchasing operation. The BOJ increased commercial bank current account balances from ¥5 trillion to ¥35 trillion (approximately US$ 300 billion) over a four-year period starting in March 2001. The BOJ also tripled the quantity of long-term Japan government bonds it could purchase on a monthly basis. However, the seven-fold increase notwithstanding, current account balances (essentially central bank reserves) being just one (usually relatively small) component of the liability side of a central bank's balance sheet (the main one being banknotes), the resulting peak increase in the BOJ's balance sheet was modest, compared to later actions by other central banks. The Bank of Japan phased out the QE policy in March 2006. 917:

bond-buying program could wrap up by mid-2014. While Bernanke did not announce an interest rate hike, he suggested that if inflation followed a 2% target rate and unemployment decreased to 6.5%, the Fed would likely start raising rates. The stock markets dropped by approximately 4.3% over the three trading days following Bernanke's announcement, with the Dow Jones dropping 659 points between 19 and 24 June, closing at 14,660 at the end of the day on 24 June. On 18 September 2013, the Fed decided to hold off on scaling back its bond-buying program, and announced in December 2013 that it would begin to taper its purchases in January 2014. Purchases were halted on 29 October 2014 after accumulating $ 4.5 trillion in assets.

978:. This would have the effect of increasing the asset prices of the bonds purchased, thereby lowering yields and dampening longer term interest rates and making it cheaper for businesses to raise capital. The aim of the policy was initially to ease liquidity constraints in the sterling reserves system, but evolved into a wider policy to provide economic stimulus. Another side effect is that investors will switch to other investments, such as shares, boosting their price and thus encouraging consumption. In 2012 the Bank estimated that quantitative easing had benefited households differentially according to the assets they hold; richer households have more assets. 33: 990:

following a UK government fiscal statement. The Bank stated its announcement would apply to conventional gilts of residual maturity greater than 20 years in the secondary market. The existing constraints applicable to QE bond purchases would continue to apply. The funding of the purchases would be met from central bank reserves, but would be segregated in a different portfolio from existing asset purchases. The Bank also announced that its annual £80bn target to reduce the existing QE portfolio remained unchanged but, in the light of current market conditions, the beginning of gilt sale operations would be postponed to 31 October 2022.

882:. By March 2009, it held $ 1.75 trillion of bank debt, mortgage-backed securities, and Treasury notes; this amount reached a peak of $ 2.1 trillion in June 2010. Further purchases were halted as the economy started to improve, but resumed in August 2010 when the Fed decided the economy was not growing robustly. After the halt in June, holdings started falling naturally as debt matured and were projected to fall to $ 1.7 trillion by 2012. The Fed's revised goal became to keep holdings at $ 2.054 trillion. To maintain that level, the Fed bought $ 30 billion in two- to ten-year Treasury notes every month. 1629:). Indeed, with QE the newly created money is usually used to buy financial assets beyond just government bonds (corporate bonds etc.) and QE is usually implemented in the secondary market. In most developed nations (e.g., the United Kingdom, the United States, Japan, and the Eurozone), central banks are prohibited from buying government debt directly from the government and must instead buy it from the secondary market. This two-step process, where the government sells bonds to private entities that in turn sell them to the central bank, has been called "monetizing the debt" by many analysts. 1424:. We know that once a central bank is perceived as targeting government debt yields at a time of persistent budget deficits, concern about debt monetization quickly arises." Later in the same speech, he stated that the Fed is monetizing the government debt: "The math of this new exercise is readily transparent: The Federal Reserve will buy $ 110 billion a month in Treasuries, an amount that, annualized, represents the projected deficit of the federal government for next year. For the next eight months, the nation's central bank will be monetizing the federal debt." 956: 1633:

intention of reversing the QE when the economy has recovered (by selling the government bonds and other financial assets back into the market). The only effective way to determine whether a central bank has monetized debt is to compare its performance relative to its stated objectives. Many central banks have adopted an inflation target. It is likely that a central bank is monetizing the debt if it continues to buy government debt when inflation is above target and if the government has problems with debt financing.

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cap of ¥450 billion shares with a termination in December 2011. However, later Governor Haruhiko Kuroda replaced the program with the Quantitative and Qualitative Monetary Easing policy which empowered the BOJ to buy ETFs with no cap or termination date, with an increased annual target of ¥1 trillion. The cap was raised multiple times to over ¥19 trillion by March 2018. And in March 16, 2020, following the Covid pandemic, the BOJ doubled its annual ETF purchase target to ¥12 trillion.

841: 421: 776: 6239: 1358:, since it changes the supply of one currency compared to another. For instance, if both the US and Europe are using quantitative easing to the same degree then the currency pair of US/EUR may not fluctuate. However, if the US treasury uses QE to a higher degree, as evidenced in the increased purchase of securities during an economic crisis, but India does not, then the value of the USD will decrease relative to the 1256:

choices that are not neutral for financial markets when implementing monetary policy. Furthermore, research has demonstrated that, in the case of the ECB's corporate bond purchase programme, the principle of market neutrality is not a practical reality, as the ECB's purchases are concentrated on economic sectors that are not representative of the wider economy, and tend to be skewed towards carbon-intensive firms.

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rate of €20 billion in an effort to encourage governments to borrow more and spend in domestic investment projects. In March 2020, to help the economy absorb the shock of the COVID-19 crisis, the ECB announced a €750 billion Pandemic Emergency Purchase Programme (PEPP). The aim of the stimulus package (PEPP) was to lower borrowing costs and increase lending in the euro area.

3098:(page 7) Bank buys assets from ... institutions ... credits the seller's bank account. So the seller has more money in their bank account, while their bank holds a corresponding claim against the Bank of England (known as reserves) ... (page 8) high-quality debt ... (page 9) ... such as shares or company bonds. That will push up the prices of those assets ... 540:(leading to higher inflation in the longer term), or not being effective enough if banks remain reluctant to lend and potential borrowers are unwilling to borrow. Quantitative easing has also been criticized for raising financial asset prices, contributing to inequality. Quantitative easing was undertaken by some major central banks worldwide following the 1184:

the money supply from the easing. If production in an economy increases because of the increased money supply, the value of a unit of currency may also increase, even though there is more currency available. For example, if a nation's economy were to spur a significant increase in output at a rate at least as high as the amount of

1460:. The urgent need to stimulate the economy required a large influx of new liquidity, which has been achieved by quantitative easing. This liquidity was lent by banks to enterprises, stimulating their expansion and inflating sales, which led investors to anticipate growth in company revenues, leading to increased stock purchases. 1188:

the inflationary pressures would be equalized. This can only happen if member banks actually lend the excess money out instead of hoarding the extra cash. During times of high economic output, the central bank always has the option of restoring reserves to higher levels through raising interest rates

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In addition to purchases of bonds, Governor Masaaki Shirakawa also directed the BOJ to begin purchasing corporate shares as well as debt securities in October 2010. The BOJ came up with a policy to purchase index ETFs as part of the 2010 Comprehensive Monetary Easing program, which initially placed a

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In early October 2010, the Bank of Japan (BOJ) announced that it would examine the purchase of ¥5 trillion (US$ 60 billion) in assets. This was an attempt to push down the value of the yen against the US dollar to stimulate the domestic economy by making Japanese exports cheaper; however, it was

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The Bank imposed a number of constraints on the QE policy, namely, that it would not buy more than 70% of any issue of government debt; and that it would only buy traditional (non-index-linked) debt, with a maturity of more than three years. Originally, the bonds eligible for purchase were limited to

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that this is the most effective solution for the Eurozone, particularly given the restrictions on fiscal policy. They argue that based on the evidence from tax rebates in the United States, less than 5% of GDP transferred by the ECB to the household sector in the Eurozone would suffice to generate a

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for governments. Central banks’ purchases of government securities artificially depress the cost of borrowing. Normally, governments issuing additional debt see their borrowing costs rise, which discourages them from overdoing it. In particular, market discipline in the form of higher interest rates

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induced by QE will have an adverse impact on the underfunding condition of pension funds, since "without returns that outstrip inflation, pension investors face the real value of their savings declining rather than ratcheting up over the next few years". In addition to this, low or negative interest

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as it lowers yields. However, there is a time lag between monetary growth and inflation; inflationary pressures associated with money growth from QE could build before the central bank acts to counter them. Inflationary risks are mitigated if the system's economy outgrows the pace of the increase of

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Quantitative easing may cause higher inflation than desired if the amount of easing required is overestimated and too much money is created by the purchase of liquid assets. On the other hand, QE can fail to spur demand if banks remain reluctant to lend money to businesses and households. Even then,

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In March 2016, the ECB increased its monthly bond purchases to €80 billion from €60 billion and started to include corporate bonds under the asset purchasing programme and announced new ultra-cheap four-year loans to banks. From November 2019, the ECB resumed buying up eurozone government bonds at a

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By providing liquidity in the banking sector, QE makes it easier and cheaper for banks to extend loans to companies and households, thus stimulating credit growth. Additionally, if the central bank also purchases financial instruments that are riskier than government bonds (such as corporate bonds),

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remarked in 2002 that the US government had a technology called the printing press (or, today, its electronic equivalent), so that if rates reached zero and deflation threatened, the government could always act to ensure deflation was prevented. He said, however, that the government would not print

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In a situation of low inflation and high debt, customers will feel more secure holding on to cash or converting cash into commodities, which fails to stimulate economic growth. If the money supply increases from quantitative easing, customers will subsequently default in the face of higher prices,

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In August 2022 the Bank of England reiterated its intention to accelerate the QE wind down through active bond sales. This policy was affirmed in an exchange of letters between the Bank of England and the UK Chancellor of the Exchequer in September 2022. Between February 2022 and September 2022, a

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near zero "at least through 2015". According to NASDAQ.com, this is effectively a stimulus program that allows the Federal Reserve to relieve $ 40 billion per month of commercial housing market debt risk. Because of its open-ended nature, QE3 has earned the popular nickname of "QE-Infinity". On 12

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Central banks have usually responded by arguing they had to follow the principle of "market neutrality" and should therefore refrain from making discretionary choices when selecting bonds on the market. The notion that central banks can be market neutral is contested, as central banks always make

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By lowering yields on sovereign bonds, QE makes it cheaper for governments to borrow on financial markets, which may empower the government to provide fiscal stimulus to the economy. Quantitative easing can be viewed as a debt refinancing operation of the "consolidated government" (the government

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Marcello., Siklos, Pierre L. Blot, Christophe. Creel, Jérôme. Hubert, Paul. Bonatti, Luigi. Fracasso, Andrea. Tamborini, Roberto. Beckmann, Joscha. Fiedler, Salomon. Gern, Klaus-Jürgen. Kooths, Stefan. Quast, Josefine. Wolters, Maik. Capolongo, Angela. Gros, Daniel. Benigno, Pierpaolo. Canofari,

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actions. It tends to experience an upswing following announcements of expansionary policies and a downturn following announcements of contractionary policies. Although there is no certain outcome, available evidence points to a positive correlation between quantitative easing policies and upward

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Some of these policies may, on the one hand, increase inequality but, on the other hand, if we ask ourselves what the major source of inequality is, the answer would be unemployment. So, to the extent that these policies help – and they are helping on that front – then certainly an accommodative

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While the literature on the topic has grown over time, it has also been shown that central banks' own research on the effectiveness of quantitative easing tends to be optimistic in comparison to research by independent researchers, which could indicate a conflict of interest or cognitive bias in

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Beginning in March 2015, the stimulus was planned to last until September 2016 at the earliest with a total QE of at least €1.1 trillion. Mario Draghi announced the programme would continue: "until we see a continued adjustment in the path of inflation", referring to the ECB's need to combat the

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On 28 September 2022 the Bank of England issued a Market Notice announcing its intention to "carry out purchases of long dated gilts in a temporary and targeted way". This was in response to market conditions in which the sterling exchange rate and bond asset pricing were significantly disrupted

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announced a "tapering" of some of the Fed's QE policies contingent upon continued positive economic data. Specifically, he said that the Fed could scale back its bond purchases from $ 85 billion to $ 65 billion a month during the upcoming September 2013 policy meeting. He also suggested that the

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The distinguishing characteristic between QE and debt monetization is that with the former, the central bank creates money to stimulate the economy, not to finance government spending (although an indirect effect of QE is to lower rates on sovereign bonds). Also, the central bank has the stated

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In Europe, central banks operating corporate quantitative easing (i.e., QE programmes that include corporate bonds) such as the European Central Bank or the Swiss National Bank, have been increasingly criticized by NGOs for not taking into account the climate impact of the companies issuing the

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On 4 August 2011 the BOJ announced a unilateral move to increase the commercial bank current account balance from ¥40 trillion (US$ 504 billion) to a total of ¥50 trillion (US$ 630 billion). In October 2011, the bank expanded its asset purchase program by ¥5 trillion ($ 66bn) to a total of

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Some economists argue that QE's main impact is due to its effect on the psychology of the markets, by signaling that the central bank will take extraordinary measures to facilitate economic recovery. For instance, it has been observed that most of the effect of QE in the Eurozone on bond yields

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had the largest balance sheet relative to the size of its economy. It was responsible for, at close to 100% of Switzerland's national output. A total of 12% of its reserves were in foreign equities. By contrast, the US Federal Reserve's holdings equalled about 20% of US GDP, while the European

755:, the US Federal Reserve expanded its balance sheet dramatically by adding new assets and new liabilities without "sterilizing" these by corresponding subtractions. In the same period, the United Kingdom also used quantitative easing as an additional arm of its monetary policy to alleviate its 1467:

measures. During this period, stocks experienced a downward shift. Investors thus favor the idea of increasing asset values during initial inflationary periods. However, it's more probable that confidence grows due to the anticipation of a healthier economy following expansionary measures and

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will cause a government like Italy's, tempted to increase deficit spending, to think twice. Not so, however, when the central bank acts as bond buyer of last resort and is prepared to purchase government securities without limit. In such circumstances, market discipline will be incapacitated.

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Several studies published in the aftermath of the crisis found that quantitative easing in the US has effectively contributed to lower long term interest rates on a variety of securities as well as lower credit risk. This boosted GDP growth and modestly increased inflation. A predictable but

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On 4 April 2013, the Bank of Japan announced that it would expand its asset purchase program by ¥60 trillion to ¥70 trillion per year. The bank hoped to banish deflation and achieve an inflation rate of 2% within two years. This would be achieved through a QE programme worth US$ 1.4

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total of £37.1bn of government bonds matured, reducing the outstanding stock from £875.0bn at the end of 2021 to £837.9bn. In addition, a total of £1.1bn of corporate bonds matured, reducing the stock from £20.0bn to £18.9bn, with sales of the remaining stock planned to begin on 27 September.

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When a central bank buys government bonds from a pension fund, the pension fund, rather than hold on to this money, might invest it in financial assets, such as shares, that gives it a higher return. And when demand for financial assets is high, the value of these assets increases. This makes

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In a joint statement leaders of Russia, Brazil, India, China and South Africa, collectively BRICS, have condemned the policies of western economies saying "It is critical for advanced economies to adopt responsible macro-economic and financial policies, avoid creating excessive liquidity and

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By enacting QE, the central bank withdraws an important part of the safe assets from the market onto its own balance sheet, which may result in private investors turning to other financial securities. Because of the relative lack of government bonds, investors are forced to "rebalance their

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In the Eurozone, studies have shown that QE successfully averted deflationary spirals in 2013–2014, and prevented the widening of bond yield spreads between member states. QE also helped reduce bank lending cost. However, the real effect of QE on GDP and inflation remained modest and very

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of the 1930s. Specifically, banks' excess reserves exceeded 6 percent in 1940, whereas they vanished during the entire postwar period until 2008. Despite this fact, many commentators called the scope of the Federal Reserve quantitative easing program after the 2008 crisis "unprecedented".

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portfolios" into other assets. Additionally, if the central bank also purchases financial instruments that are riskier than government bonds, it can also lower the interest yield of those assets (as those assets are more scarce in the market, and thus their prices go up correspondingly).

967:'s QE programme commenced in March 2009, when it purchased around £165 billion in assets as of September 2009 and around £175 billion in assets by the end of October 2009. Five further tranches of bond purchases between 2009 and November 2020 brought the peak QE total to £895 billion. 1196:

believe that quantitative easing creates unpredictability. Since the increase in bank reserves may not immediately increase the money supply if held as excess reserves, the increased reserves create the danger that inflation may eventually result when the reserves are loaned out.

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reporter David Lynch, the new money from quantitative easing could be used by the banks to invest in emerging markets, commodity-based economies, commodities themselves, and non-local opportunities rather than to lend to local businesses that are having difficulty getting loans.

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Dobbs, R., Koller, T., & Lund, S. (2014, Winter). What effect has quantitative easing had on your share price?. McKinsey & Company. https://www.mckinsey.com/client_service/corporate_finance/latest_thinking/mckinsey_on_finance/~/media/5966C71286604E2DA0A2630B224E7F79.ashx

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wrote that QE "is fundamentally a regressive redistribution program that has been boosting wealth for those already engaged in the financial sector or those who already own homes, but passing little along to the rest of the economy. It is a primary driver of income inequality".

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Those criticisms are partly based on some evidence provided by central banks themselves. In 2012, a Bank of England report showed that its quantitative easing policies had benefited mainly the wealthy, and that 40% of those gains went to the richest 5% of British households.

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engaged in large-scale purchase of covered bonds in May 2009, and purchased around €250 billion worth of sovereign bonds from targeted member states in 2010 and 2011 (the SMP Programme). However, until 2015 the ECB refused to openly admit they were doing quantitative easing.

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reasons that the solution to low inflation is not quantitative easing, but paradoxically to increase interest rates. This is due to the fact that if interest rates continue to decline, banks will lose customers and less money will be invested back into the economy.

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by the end of the second quarter of 2011. The expression "QE2" became a ubiquitous nickname in 2010, used to refer to this second round of quantitative easing by US central banks. Retrospectively, the round of quantitative easing preceding QE2 was called "QE1".

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A third round of quantitative easing, "QE3", was announced on 13 September 2012. In an 11–1 vote, the Federal Reserve decided to launch a new $ 40 billion per month, open-ended bond purchasing program of agency mortgage-backed securities. Additionally, the

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In July 2018, the ECB published a study showing that its QE programme increased the net wealth of the poorest fifth of the population by 2.5 percent, compared with just 1.0 percent for the richest fifth. The study's credibility was however contested.

582:. The central bank may then attempt to stimulate the economy by implementing quantitative easing, that is, by buying financial assets without reference to interest rates. This policy is sometimes described as a last resort to stimulate the economy. 1456:

trends in the stock market. Some of the most significant increases in the U.S. stock market indices have coincided with the implementation of quantitative easing measures. The most recent example would be the Federal Reserve's policies during the

514:. However, in contrast to normal policy, quantitative easing usually involves the purchase of riskier or longer-term assets (rather than short-term government bonds) of predetermined amounts at a large scale, over a pre-committed period of time. 1132:

The effectiveness of quantitative easing is the subject of an intense dispute among researchers as it is difficult to separate the effect of quantitative easing from other contemporaneous economic and policy measures, such as negative rates.

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In February 2022 the Bank of England announced its intention to commence winding down the QE portfolio. Initially this would be achieved by not replacing tranches of maturing bonds, and would later be accelerated through active bond sales.

1491:". Instead of buying government bonds or other securities by creating bank reserves, as the Federal Reserve and Bank of England have done, some suggest that central banks could make payments directly to households (in a similar fashion as 1073:

launched quantitative easing in February 2015, announcing government bond purchases of nearly US$ 1.2 billion. The annualised inflation rate in January 2015 was -0.3%, and the bank implied that Sweden's economy could slide into deflation.

740:, policies similar to those undertaken by Japan were used by the United States, the United Kingdom, and the Eurozone. Quantitative easing was used by these countries because their risk-free short-term nominal interest rates (termed the 1143:

calculated that as of July 2012, there was "very little impact on the economy". Bank deposits in the Fed increased by nearly $ 4 trillion during QE1-3, closely tracking Fed bond purchases. A different assessment has been offered by

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used to implement monetary policy, a central bank implements quantitative easing by buying financial assets from commercial banks and other financial institutions, thus raising the prices of those financial assets and lowering their

1573:, called a carbon currency. The carbon currency will act as an international unit of account and a store of value, because it will represent the mass of carbon that is mitigated and rewarded under the global carbon reward policy. 1569:(CQE) is an untested form of QE that is featured in a newly proposed international climate policy, called a global carbon reward. A major goal of CQE is to finance the global carbon reward by managing the exchange rate of a new 1167:

heterogeneous depending on methodologies used in research studies, which find on GDP comprised between 0.2% and 1.5% and between 0.1 and 1.4% on inflation. Model-based studies tend to find a higher impact than empirical ones.

2400:"Federal Reserve announces it will initiate a program to purchase the direct obligations of housing-related government-sponsored enterprises and mortgage-backed securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae" 2712: 1014:, President of the European Central Bank, announced an "expanded asset purchase programme", where €60 billion per month of euro-area bonds from central governments, agencies and European institutions would be bought. 5260:

Chen, Delton B.; van der Beek, Joel; Cloud, Jonathan (2019), Doukas, Haris; Flamos, Alexandros; Lieu, Jenny (eds.), "Hypothesis for a Risk Cost of Carbon: Revising the Externalities and Ethics of Climate Change",

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of Dallas, there is nothing wrong with printing money during a recession, and quantitative easing is different from traditional monetary policy "only in its magnitude and pre-announcement of amount and timing".

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Stanley Fischer, Elga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand (August 2019). "Dealing with the next downturn: From unconventional monetary policy to unprecedented policy coordination" (PDF).

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from a country, thereby reducing foreign demand for a country's money, leading to a weaker currency. This increases demand for exports, and directly benefits exporters and export industries in the country.

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The Bank of Japan introduced QE from March 19, 2001, until March 2006, after having introduced negative interest rates in 1999. Most western central banks adopted similar policies in the aftermath of the

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unintended consequence of the lower interest rates was to drive investment capital into equities, thereby inflating the value of equities relative to the value of goods and services, and increasing the

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at close to zero since 1999. The Bank of Japan had for many years, and as late as February 2001, stated that "quantitative easing ... is not effective" and rejected its use for monetary policy.

1823:", in "Designing Resilient Monetary Policy Frameworks for the Future”, Proceedings of the Jackson Hole Economic Policy Symposium: Federal Reserve Bank of Kansas City, August 2016, pp. 423–478. 1278:

Since 2020, several central banks (including the ECB, Bank of England and the Swedish central banks) have announced their intention to incorporate climate criteria in their QE programmes. The

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QE was primarily designed as an instrument of monetary policy. The mechanism required the Bank of England to purchase government bonds on the secondary market, financed by the creation of new

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wrote that "QE cash ends up overwhelmingly in profits, thereby exacerbating already extreme income inequality and the consequent social tensions that arise from it". Anthony Randazzo of the

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and therefore little risk of a liquidity shortage. The BOJ accomplished this by buying more government bonds than would be required to set the interest rate to zero. It later also bought

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In Japan, focusing on equity purchases, studies have shown that QE successfully boosted stock prices, but appear to have not been successful in stimulating corporate investment.

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has also joined the criticism by adopting several resolutions on the matter, and has repeatedly called on the ECB to reflect climate change considerations in its policies.

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openly criticized QE in July 2016 for its regressive effects: "Monetary policy – in the form of super-low interest rates and quantitative easing – has helped those on the

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including the central bank), whereby the consolidated government, via the central bank, retires government debt securities and refinances them into central bank reserves.

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money and distribute it "willy nilly" but would rather focus its efforts in certain areas (e.g., buying federal agency debt securities and mortgage-backed securities).

2867: 3465: 4471: 4163: 4821: 2050: 1920: 4576: 4266: 1362:. As a result, quantitative easing has the same effect as purchasing foreign currencies, effectively manipulating the value of one currency compared to another. 498:(QT) does the opposite, where for monetary policy reasons, a central bank sells off some portion of its holdings of government bonds or other financial assets. 6013: 3160: 2321: 2623: 4522: 3622: 536:. However QE programmes are also criticized for their side-effects and risks, which include the policy being more effective than intended in acting against 5563:

https://www.stlouisfed.org/publications/regional-economist/july-2016/neo-fisherism-a-radical-idea-or-the-most-obvious-solution-to-the-low-inflation-problem

1151:, who has said that measures of quantitative easing such as large-scale asset purchases "have played a significant role in supporting economic activity". 5430: 4901: 4861: 3110: 943:; on 15 March 2020, it announced approximately $ 700 billion in new quantitative easing via asset purchases to support US liquidity in response to the 5892: 5599: 2929: 1719:, Vol. 122, No. 564 (November 2012), pp. F271-F288: "The most high-profile form of unconventional monetary policy has been Quantitative Easing (QE)." 2207: 3798: 2508: 1487:

In response to concerns that QE is failing to create sufficient demand, particularly in the Eurozone, some have called for "QE for the people" or "

521:, a situation where people prefer to hold cash or very liquid assets, given the low returns on other financial assets. This makes it difficult for 4075: 2264: 2240: 1507: 2681: 2304: 5983: 5848: 5594: 5577: 3881: 3063: 2563: 1807: 574:. However, if a recession or depression continues even when a central bank has lowered interest rates targets to nearly zero, the central bank 5589: 5391: 4787: 4134: 2738: 2468: 4661: 2284: 2066:

Hoover Institution, Economics Working Paper 14110, "Exiting from Low Interest Rates to Normality: An Historical Perspective", November 2014

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countries have criticized the QE carried out by the central banks of developed nations. They share the argument that such actions amount to

1062:, in order to boost domestic demand and reduce the necessity to maintain QE to stabilize the parity between the dollar and the Swiss franc. 5907: 5762: 3146: 1275:, market neutrality may not be the appropriate benchmark for a central bank when the market by itself is not achieving efficient outcomes" 5142: 4029: 3681:

Gilchrist, Simon, and Egon Zakrajšek. "The Impact of the Federal Reserve's Large‐Scale Asset Purchase Programs on Corporate Credit Risk".

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The U.S. Federal Reserve System held between $ 700 billion and $ 800 billion of Treasury notes on its balance sheet before the recession.

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in order to stimulate economic activity. Quantitative easing is a novel form of monetary policy that came into wide application after the

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economics became popular after the Great Depression. The idea is that in an economy with low inflation and high unemployment (especially

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to adopt a more direct approach to its quantitative easing plan announced earlier in February. In August 2019, prominent central bankers

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in the UK) were either at or close to zero. According to Thomas Oatley, "QE has been the central pillar of post-crisis economic policy."

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Conversely, the post COVID-19 economy, which faced increased inflation due to excessive quantitative easing, has been addressed through

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The Bank of Japan adopted quantitative easing on 19 March 2001. Under quantitative easing, the BOJ flooded commercial banks with excess

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The effects of quantitative easing on the stock market are always present. The stock market reacts to nearly all updates regarding the

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and others have pointed out the contradiction in the market neutrality logic. In particular, Schnabel argued that "In the presence of

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December 2012, the FOMC announced an increase in the amount of open-ended purchases from $ 40 billion to $ 85 billion per month.

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will stimulate consumer spending, which increases business profits, which increases investment. Keynesians promote methods like

525:; monetary authorities may then use quantitative easing to stimulate the economy rather than trying to lower the interest rate. 5719: 4702: 4496: 2534: 2143: 1803: 1618:

Quantitative easing has been nicknamed "money printing" by some members of the media, central bankers, and financial analysts.

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The ECB's asset purchase programmes : effectiveness, risks, alternatives : monetary dialogue papers, September 2020

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also directly harms importers and consumers, as the cost of imported goods is inflated by the devaluation of the currency.

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On 31 October 2014, the BOJ announced the expansion of its bond buying program, to purchase ¥80 trillion of bonds a year.

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has identified different possible measures to align central banks' collateral frameworks and QE with climate objectives.

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Central banks usually resort to quantitative easing when interest rates approach zero. Very low interest rates induce a

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businesses and households holding shares wealthier – making them more likely to spend more, boosting economic activity.

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of bonds or other financial assets on financial markets from private financial institutions. This action increases the

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QE benefits debtors; since the interest rate has fallen, there is less money to be repaid. However, it directly harms

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Critics frequently point to the redistributive effects of quantitative easing. For instance, British Prime Minister

6216: 5843: 5674: 3716:

Chen, Han, Vasco Cúrdia, and Andrea Ferrero. "The macroeconomic effects of large‐scale asset purchase programmes".

3505:"'Price Stability Target' of 2 Percent and 'Quantitative and Qualitative Monetary Easing with Yield Curve Control'" 2756: 2325: 947:. As of mid-summer 2022 this resulted in an additional $ 2 trillion in assets on the books of the Federal Reserve. 621:

Because it increases the money supply and lowers the yield of financial assets, QE tends to depreciate a country's

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The SNB's balance sheet has increased massively due to its QE programme, to the extent that in December 2020, the

6171: 5664: 4109: 3618: 2358: 889: 4753: 2399: 1380:

to the dollar, they protest that QE causes inflation to rise in their countries and penalizes their industries.

6211: 6088: 5823: 5818: 5377: 4005: 3012:"Bank of England | Monetary Policy | Quantitative Easing Explained | Amount of Assets Purchased" 1417: 1315: 1059: 940: 752: 737: 661: 541: 487: 5583: 4981: 3207: 6243: 5993: 5927: 5828: 5629: 5600:

Money creation in the modern economy - Bank of England Document Explaining How Money Is Created and Destroyed

3657: 3147:"Exchange of letters between the Governor and the Chancellor on the Asset Purchase Facility - September 2022" 901: 4840: 3852:. Joscha Beckmann, Salomon Fiedler, Klaus-Jürgen Gern, Stefan Kooths, Josefine Quast, Maik Wolters. . 2020. 3729:

Gagnon, Joseph, et al. "The financial market effects of the Federal Reserve's large-scale asset purchases".

3133:"Exchange of letters between the Governor and the Chancellor on the Asset Purchase Facility - February 2022" 2714:

The Life/Death Rhythms of Capitalist Regimes - Debt Before Dishonour: Timetable of World Dominance 1400-2100

2080: 2034: 5912: 5724: 4142: 3376: 1625:

than it is commonly understood when talking about "money printing" (otherwise called monetary financing or

672:

The US Federal Reserve belatedly implemented policies similar to the recent quantitative easing during the

443: 4048: 3766:

The ECB's asset purchase programmes : experience and future perspectives : compilation of papers

2936: 4189: 2658: 2588: 2301: 2215: 1322:

said that cheap money has made rich people richer, but has not done quite as much for working Americans.

1235:

rates create disincentives for saving. In a way this is an intended effect, since QE is intended to spur

3132: 2374: 1248:

bonds. In effect, Corporate QE programmes are perceived as indirect subsidy to polluting companies. The

6264: 6229: 5698: 5604: 5364: 5160: 3885: 3428: 3357: 3259: 2440: 2386: 2162: 1585: 1566: 1377: 585:

A central bank enacts quantitative easing by purchasing, regardless of interest rates, a predetermined

5521: 5481: 4523:"This is what Theresa May said about the kind of Prime Minister she'll be – and what she really meant" 3638: 2261: 2237: 1694: 6108: 6018: 5686: 5659: 5609: 5305:"Central Banks' Role in Responding to Climate Change: Monetary Policy and Macroprudential Regulation" 5214: 5074:"Economic support during the COVID crisis. Quantitative easing and lending support schemes in the UK" 2975: 2887: 2853: 2689: 1205: 650:

happened between the date of the announcement of QE and the actual start of the purchases by the ECB.

138: 5333: 4456: 3343: 3082: 1420:, warned in 2010 that QE carries "the risk of being perceived as embarking on the slippery slope of 6274: 6103: 5858: 5734: 5622: 4344: 4083: 3694:

Gagnon, Joseph, et al. "Large-scale asset purchases by the Federal Reserve: did they work?" (2010).

3549: 3033: 2868:"Federal Reserve cuts rates to zero and launches massive $ 700 billion quantitative easing program" 2465: 1537: 1145: 1137: 1097:

trillion, an amount so large it is expected to double the money supply. This policy has been named

888:

In November 2010, the Fed announced a second round of quantitative easing, buying $ 600 billion of

879: 575: 2489: 2017: 625:

relative to other currencies, through the interest rate mechanism. Lower interest rates lead to a

5813: 5681: 4408: 3381: 2340: 2281: 1670: 1570: 1464: 1355: 1114: 571: 495: 436: 2793: 5833: 5467: 3984: 1007: 567: 350: 4952: 3019: 6183: 6130: 6083: 5320: 4685: 4443: 4293: 3330: 3041: 1589: 1558:

co-authored a paper published by BlackRock in which they propose a form of helicopter money.

1547: 999: 717: 502: 6279: 6206: 5550:"Neo-Fisherism: A Radical Idea, or the Most Obvious Solution to the Low-Inflation Problem?" 5495: 4770: 4267:"ECB policy is working, but new challenges need new responses | News | European Parliament" 3920:"Quantitative Easing and Equity Prices: Evidence from the ETF Program of the Bank of Japan" 2018:"Quantitative easing, portfolio rebalancing and credit growth: micro evidence from Germany" 1439: 1051: 859: 2093: 8: 6166: 6098: 4215: 4015:

John Taylor, Stanford, 2012 testimony before House Financial Service Committee, page two

1675: 1249: 1224: 1035: 971:

UK government debt, but this was later relaxed to include high quality commercial bonds.

698: 533: 330: 195: 158: 49: 4729: 3919: 3580: 955: 939:

The Federal Reserve began conducting its fourth quantitative easing operation since the

32: 6269: 6148: 6124: 5782: 5755: 5286: 5242: 3875: 3792: 1999: 1641: 1613: 1555: 1517:

recovery, a fraction of what it intends to be done under standard QE. Oxford economist

905: 745: 529: 355: 325: 279: 217: 153: 4214:

Dafermos, Yannis; Gabor, Daniela; Nikolaidi, Maria; Pawloff, Adam; Lerven, Frank van.

3703:

Cúrdia, Vasco, and Andrea Ferrero. "How stimulatory are large-scale asset purchases?"

1820: 1341:

monetary policy is better in the present situation than a restrictive monetary policy.

771:

Federal Reserve holdings of treasury notes (blue) and mortgage-backed securities (red)

6193: 5290: 5276: 5246: 5234: 5093: 5054: 5015: 4996:"Stock market liquidity, funding liquidity, financial crises and quantitative easing" 4928: 4870: 3939: 3900: 3863: 3853: 3829: 3780: 3770: 3600: 3234: 3072: 2955: 2718: 2100: 2003: 1739: 1626: 1601: 1457: 1421: 1413: 1319: 1303: 1260: 1236: 1185: 1070: 944: 545: 420: 401: 309: 257: 114: 69: 64: 5215:"Climate mitigation policy as a system solution: addressing the risk cost of carbon" 4921:"Critics of quantitative easing should consider the alternative | Barry Eichengreen" 608:

it can also increase the price and lower the interest yield of these riskier assets.

5308: 5266: 5226: 5085: 5050: 5046: 5007: 3931: 3821: 3592: 3581:"Bank of Japan Equity Purchases: The (Non-)Effects of Extreme Quantitative Easing*" 1989: 1981: 1533: 1521:

has suggested that this could be legally implemented using the electoral register.

1496: 1488: 1482: 1435: 1329: 756: 725: 673: 594: 593:

that banks hold. The goal of this policy is to ease financial conditions, increase

522: 274: 264: 163: 143: 119: 5230: 5089: 5035:"Quantitative easing and exuberance in stock markets: Evidence from the euro area" 4004:

John B. Taylor, The Fed's New View is a Little Less Scary, 20 June 2013 blog post

3958: 2051:

Bank of England chief attacks peers for calling quantitative easing an ‘addiction’

1942: 6142: 5645: 5586:, 2002 speech by Ben Bernanke on deflation and the utility of quantitative easing 5034: 3626: 3508: 3469: 2535:"Moody's sounds note of caution while Bernanke promises support for U.S. economy" 2472: 2308: 2288: 2268: 2244: 2150: 1733: 1698: 1551: 1542: 1518: 1512: 1492: 1452: 1298:

at the expense of those who can't afford to own their own home." Dhaval Joshi of

1295: 1264: 1228: 1106: 964: 713: 626: 590: 563: 562:

Standard central bank monetary policies are usually enacted by buying or selling

557: 507: 483: 479: 471: 406: 383: 378: 373: 340: 304: 202: 183: 126: 89: 54: 5312: 5271: 5073: 6057: 6003: 5787: 5304: 5011: 4775:] of the harmful impact of European monetary policy on developing countries 4436:"When markets fail – the need for collective action in tackling climate change" 4164:"ECB's purchasing policies skewed towards carbon-intensive industries - report" 3901:"The macroeconomic impact of the ECB's expanded asset purchase programme (APP)" 3486: 3445: 3415: 3277: 3174: 2993: 2906:"The United Kingdom's quantitative easing policy: design, operation and impact" 2238:

Monetary Policy under Zero Interest Rate: Viewpoints of Central Bank Economists

2033:

Luca Dedola, Georgios Georgiadis, Johannes Gräb, Arnaud Mehl (21 October 2020)

1622: 1597: 1388: 1272: 1268: 1217: 1193: 1140: 1055: 702: 579: 518: 299: 239: 227: 24: 4382: 3867: 3784: 2208:"FRBSF: Economic Letter—Quantitative Easing by the Bank of Japan (11/02/2001)" 1985: 1712: 6253: 5772: 5767: 5750: 5238: 5097: 5058: 5019: 4995: 4932: 4874: 4610:"Britain's richest 5% gained most from quantitative easing – Bank of England" 4472:"Bank of England considering attaching climate conditions to asset purchases" 3943: 3833: 3604: 3238: 1653: 1369: 1259:

Following this criticism, in 2020, several top level ECB policymaker such as

1231: 975: 793: 784: 741: 721: 690: 622: 284: 234: 212: 207: 190: 131: 107: 84: 74: 59: 42: 4497:"Adapting central bank operations to a hotter world: Reviewing some options" 4046: 3935: 2415:"Quantitative Monetary Easing: The history and impacts on financial markets" 1349: 1110: 5400: 3847: 2539: 2485: 2444: 2341:"Effects of the Quantitative Easing Policy: A Survey of Empirical Analyses" 1593: 1581: 1529: 1427: 1401: 1373: 1359: 1333: 1299: 1180: 1148: 1011: 913: 878:

In late November 2008, the Federal Reserve started buying $ 600 billion in

850: 511: 475: 424: 244: 222: 148: 79: 5494:

Reichlin, Lucrezia; Turner, Adair; Woodford, Michael (23 September 2019).

4902:"Bernanke's 'Cheap Money' Stimulus Spurs Corporate Investment Outside U.S" 3813: 3596: 3579:

Charoenwong, Ben; Morck, Randall; Wiwattanakantang, Yupana (14 May 2021).

1384:

undertake structural reforms to lift growth" as written in the Telegraph.

6136: 5777: 3825: 3323:"ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP)" 3208:"European Central Bank opts for quantitative easing to lift the eurozone" 2757:"Dow Jones down 4.3 percent since Fed chair Ben Bernanke took the podium" 2180: 2142:

The Heritage Foundation, "Is the Inflation Threat Real? Is it Imminent?"

1291: 1102: 1047: 345: 2817:"Federal Reserve Caps Its Bond Purchases; Focus Turns to Interest Rates" 1994: 1713:

Quantitative Easing and Unconventional Monetary Policy – An Introduction

1661:

thus resetting the low inflation and worsening the low inflation issue.

1525: 1503: 1160: 294: 269: 170: 94: 4994:

Mishra, Ajay Kumar; Parikh, Bhavik; Spahr, Ronald W. (November 2020).

3764: 3532:"Japan aims to jump-start economy with $ 1.4tn of quantitative easing" 935:

Increase in US Federal Reserve assets in response to COVID-19 pandemic

532:

and help ensure that inflation does not fall below the central bank's

494:

is very low or negative, making standard monetary policy ineffective.

5198: 4823:

Brazil president Dilma Rousseff blasts Western QE as monetary tsunami

4030:"How the world paid the hidden cost of America's quantitative easing" 2311:" (2004–33, 19 November 2004). Federal Reserve Bank of San Francisco. 1098: 1083: 1019: 709: 694: 537: 491: 5213:

Chen, Delton B.; van der Beek, Joel; Cloud, Jonathan (3 July 2017).

5072:

Fatouh, Mahmoud; Giansante, Simone; Ongena, Steven (December 2021).

4636: 3639:"Speech by Governor Stein on evaluating large-scale asset purchases" 2271:", Institute for Monetary and Economic Studies, Bank of Japan, 2002. 6052: 5580:

Interactive chart of the assets on Federal Reserve's balance sheet.

5033:

Hudepohl, Tom; van Lamoen, Ryan; de Vette, Nander (November 2021).

4554: 3227:"E.C.B. Stimulus Calls for 60 Billion Euros in Monthly Bond-Buying" 2414: 1201: 600:

Quantitative easing affects the economy through several channels:

5614: 5263:

Understanding Risks and Uncertainties in Energy and Climate Policy

4076:"' Europe's Pension Predicament: the Broken Bismarckian Promise '" 775: 1969: 1054:". The US administration recommended Switzerland to increase the 5522:"The Case for Monetary Finance – An Essentially Political Issue" 5352:

Stephanomics: Is quantitative easing really just printing money?

4242:"REPORT: Aligning monetary policy with the EU's climate targets" 3578: 2616:"QE3 Launched: The Ever Decreasing Effects of Monetary Stimulus" 1711:

Michael Joyce, David Miles, Andrew Scott & Dimitri Vayanos,

1354:

Quantitative easing (QE) policies can have a profound effect on

931: 840: 6238: 6037:

List of banks acquired or bankrupted during the Great Recession

5610:

A Fed Governor Discusses Quantitative Easing Among Other Topics

4135:"ECB cash injections for polluters must stop, 70 NGOs demand |" 3550:"Expansion of the Quantitative and Qualitative Monetary Easing" 2509:"QE3 and the Economy: It Will Help, But Not Solve All Problems" 2362: 289: 4862:"BRICs attack QE and urge Western leaders to be 'responsible'" 4047:

M. Nicolas J. Firzli quoted in Sinead Cruise (4 August 2012).

3745:"Quantitative Easing is Ending. Here's What It Did, in Charts" 2564:"Fed Undertakes QE3 With $ 40 Billion MBS Purchases Per Month" 2282:

New Procedures for Money Market Operations and Monetary Easing

1189:

or other means, effectively reversing the easing steps taken.

712:

to promote private lending, leaving them with large stocks of

689:, from 量的 "quantitative" + 緩和 "easing") was first used by the 5265:, Cham: Springer International Publishing, pp. 183–222, 3397:"Die USA verlangen von der Schweiz Erhöhung des Rentenalters" 2375:'Bernanke-san' Signals Policy Shift, Evoking Japan Comparison 1894:"Quantitative easing: last resort to get credit moving again" 5872: 5468:

http://research.stlouisfed.org/publications/es/10/ES1014.pdf

1970:"Quantitative Easing in the Eurozone: a One-Year Assessment" 1921:"Quantitative Easing — Uncharted Waters for Monetary Policy" 1834:"A numbers game: How quantitative easing lifts stock prices" 1786:"Quantitative easing is a toxic phrase for a routine policy" 5463: 5461: 5459: 5437: 4730:"How The ECB Boosts Inequality And What It Can Do About It" 4343:

Colesanti Senni, Chiara; Monnin, Pierre (16 October 2020).

2872: 1849:"An uneasy relationship behind response to financial crash" 1365: 5378:

Ask Citywire: Quantitative easing part II – Citywire Money

5032: 4769:

Rodrigo Fernandez & Pablo Bortz & Nicolas Zeolla,

3161:"Gilt Market Operations - Market Notice 28 September 2022" 1400:

Another criticism prevalent in Europe, is that QE creates

5903:

Dodd–Frank Wall Street Reform and Consumer Protection Act

4703:"Economists find ECB stimulus shrank eurozone inequality" 4637:"QE Halt Would Be 'Too Violent' for Market: Fed's Fisher" 4213: 3814:"The Effect of Quantitative Easing on Lending Conditions" 2836:"The Fed Has Not Stopped Trying to Stimulate the Economy" 2739:"Fed Seen by Economists Tapering QE at September Meeting" 1350:

International spillovers for BRICs and emerging economies

1285: 5456: 4966:"'Helicopter Ben' confronts the challenge of a lifetime" 4789:

China's Yi Warns on Currency Wars as Yuan in Equilibrium

4383:"ECB will consider dropping market neutrality – Lagarde" 3918:

Barbon, Andrea; Gianinazzi, Virginia (1 December 2019).

3446:"Japan government and central bank intervene to cut yen" 2775:"Analysis: Time to taper? Not if you look at bank loans" 2302:

Easing Out of the Bank of Japan's Monetary Easing Policy

5399:(Speech). Global Interdependence Center, Philadelphia, 4368:

Papoutsi, M., Piazzesi, M. and Schneider, M., (2021), “

4294:"EU Parliament pressures ECB to address climate change" 6014:

National fiscal policy response to the Great Recession

5605:

Quantitative easing explained (Financial Times Europe)

5493: 5179:"Better ways to boost eurozone economy and employment" 3658:"Fifty shades of QE: Central bankers versus academics" 3487:"Bank of Japan increases stimulus and keeps rates low" 3260:"ECB: ECB announces expanded asset purchase programme" 2794:"Fed to reduce bond purchases by $ 10 billion a month" 2181:"Japan sets inflation goal in fight against deflation" 528:

Quantitative easing can help bring the economy out of

6227: 5259: 5212: 5071: 4342: 2888:"Federal Reserve Board - Recent balance sheet trends" 2854:"Federal Reserve Board - Recent balance sheet trends" 4073: 3411: 3409: 2116:

Telegraph, Federal Reserve ends QE, 29 October 2014

959:

Immediate and delayed effects of quantitative easing

490:. It is used to mitigate an economic recession when 4239: 3992:

Federal Reserve Bank of St. Louis Economic Synopses

3375:Blackstone, Brian; Wessel, David (8 January 2013). 2402:. Board of Governors of the Federal Reserve System. 1764:"There's nothing wrong with the Fed printing money" 1468:decreases when opposite measures are put in place. 1204:as they earn less money from lower interest rates. 904:(FOMC) announced that it would likely maintain the 6133:(Europe, Middle East and North Africa, Asia; 2009) 4860: 3656:Kempf, Elisabeth; Pastor, Lubos (5 October 2020). 2661:(Press release). Federal Reserve. 12 December 2012 1779: 1777: 1376:. As net exporters whose currencies are partially 1006:In a dramatic change of policy, following the new 5446:"Bank should start printing money says Times MPC" 4993: 4582:. Bank of England. 15 August 2018. Archived from 4110:"On the Causes of European Political Instability" 3429:Quantitative Easing – A lesson learned from Japan 3406: 3193:"Bank of England announces gilt market operation" 2682:"Bernanke Offers Possible Timetable for Tapering" 2035:"Quantitative easing policies and exchange rates" 1446: 1211: 1077: 1058:for Swiss workers to reduce saving assets by the 6251: 5941: 5423:"Bank of England to create new money: a Q&A" 4555:"Does Quantitative Easing Mainly Help the Rich?" 3917: 3811: 3763:Paolo. Di Bartolomeo, Giovanni. Messori (2020). 3643:Board of Governors of the Federal Reserve System 3374: 2892:Board of Governors of the Federal Reserve System 2251:, February 2001, p. 98. Retrieved 9 August 2010. 1804:Quantitative Easing: An Underappreciated Success 5584:Deflation: Making Sure "It" Doesn't Happen Here 5219:Journal of Sustainable Finance & Investment 5121:"How about quantitative easing for the people?" 5000:International Review of Economics & Finance 4662:"Transcript of Monetary Dialogue, 15 June 2015" 3111:"The Distributional Effects of Asset Purchases" 2490:"Fed's desperate measure is a watershed moment" 2466:What is the Federal Reserve Quantitative Easing 1867:"Quantitative easing: A therapy of last resort" 1821:Funding Quantitative Easing to Target Inflation 1774: 5984:American Recovery and Reinvestment Act of 2009 5849:Office of Federal Housing Enterprise Oversight 3631: 1808:Peterson Institute for International Economics 1735:International Political Economy: Sixth Edition 5630: 5347: 5345: 5343: 4982:Speech, Bernanke -Deflation- 21 November 2002 4727: 4067: 4049:"Zero Return World Squeezes Retirement Plans" 3898: 3463:Bank of Japan increases QE by 10 trillion yen 3225:Jolly, David; Ewing, Jack (22 January 2015). 2646:QE-Infinity: Poking Holes in Bernanke's Logic 2081:"The 30-year fixed mortgage should disappear" 1561: 1039:Central Bank's assets were worth 30% of GDP. 685:A policy termed "quantitative easing" (量的緩和, 444: 5908:Emergency Economic Stabilization Act of 2008 5519: 3950: 3899:Gambetti, Luca; Musso, Alberto (June 2017). 3797:: CS1 maint: multiple names: authors list ( 2791: 2365:, 10 November 2008. Retrieved 9 August 2010. 2338: 1242: 4918: 4370:How unconventional is green monetary policy 3655: 3278:"ECB unveils massive QE boost for eurozone" 3175:"Pound hits record low after tax cut plans" 2475:". useconomy.about.com (22 September 2011). 6045: 5999:Fraud Enforcement and Recovery Act of 2009 5923:Term Asset-Backed Securities Loan Facility 5637: 5623: 5340: 5039:Journal of International Money and Finance 4804:Brazil's finance chief attacks US over QE3 4801:John Paul Rathbone and Jonathan Wheatley, 4728:Jourdan, Stanislas; Fontan (10 May 2017). 4686:"Monetary policy and household inequality" 4548: 4546: 4544: 4345:"Central Bank Market Neutrality is a Myth" 3880:: CS1 maint: location missing publisher ( 3416:Sweden cuts rates below zero and starts QE 3224: 2291:", 19 March 2001. Retrieved 9 August 2010. 2057:. 5 August 2021. Retrieved 17 August 2021. 1524:On 27 March 2015, 19 economists including 1325:Answering similar criticisms expressed by 451: 437: 31: 6179:Effects of the Great Recession on museums 6009:Housing and Economic Recovery Act of 2008 5893:China–Japan–South Korea trilateral summit 5270: 4107: 3761: 2922: 2814: 2679: 2274: 1993: 1652:Neo-Fisherism, based on theories made by 1280:Network for Greening the Financial System 1173: 5873:Government policy and spending responses 5839:Government National Mortgage Association 4858: 4754:Quantitative Easing and the Forex Market 4433: 4040: 3982: 3731:International Journal of Central Banking 3358:"Our response to coronavirus (COVID-19)" 3321:Bank, European Central (18 March 2020). 2254: 2205: 1757: 1755: 1621:However, QE is a very different form of 954: 930: 927:Economic impact of the COVID-19 pandemic 839: 774: 766: 5933:2008 United Kingdom bank rescue package 5595:Bank of England – QE Explained Pamphlet 5393:Exit Strategies for the Federal Reserve 5389: 5302: 4607: 4541: 4292:Vasto, Alessia Del (11 February 2021). 3812:Blattner, Laura; Nogueira, Gil (2016). 3529: 3395:Meier, Markus Diem. (16 December 2020) 2833: 2815:Appelbaum, Binyamin (29 October 2014). 2710: 2659:"Federal Reserve issues FOMC statement" 2589:"Federal Reserve issues FOMC statement" 2561: 2506: 2484: 2130:"Is QE2 finally the economic collapse?" 1935: 1918: 1912: 1891: 1846: 1471: 1227:have also argued that artificially low 1163:between the wealthy and working class. 551: 6252: 5443: 5429:. London. 5 March 2009. Archived from 4434:Schnabel, Isabel (28 September 2020). 4103: 4101: 3956: 3377:"Button-Down Central Bank Bets It All" 3205: 2960:: CS1 maint: archived copy as title ( 2613: 2438: 1967: 1783: 1761: 1731: 1286:Increased income and wealth inequality 1127: 597:, and encourage private bank lending. 510:, while simultaneously increasing the 5918:Temporary Liquidity Guarantee Program 5888:Banking (Special Provisions) Act 2008 5871: 5809:Federal Deposit Insurance Corporation 5618: 5590:Bank of England – Quantitative Easing 5496:"Helicopter money as a policy option" 5363:Mackintosh, James. (2 December 2010) 4899: 4634: 4552: 4291: 4190:"The ECB's dirty quantitative easing" 4074:M. Nicolas J. Firzli (1 March 2013). 4027: 3985:"The downside of quantitative easing" 3959:"The fear of printing too much money" 3742: 3574: 3572: 3570: 2562:Zumbrun, Joshua (13 September 2012). 2532: 2212:Federal Reserve Bank of San Francisco 2132:. Fortune (magazine). 11 August 2010. 2078: 1752: 1607: 1408: 5804:Consumer Financial Protection Bureau 4900:Lynch, David J. (17 November 2010). 4881:from the original on 12 January 2022 4469: 4240:Jourdan, Kalinowski (4 April 2019). 3683:Journal of Money, Credit and Banking 3418:BBC News, Business, 12 February 2015 3320: 3032: 3026: 2262:One Year Under 'Quantitative Easing' 1892:Stewart, Heather (29 January 2009). 1727: 1725: 1600:redevelopment, and increases in the 1476: 1060:Swiss Social Security administration 844:(Percent change from a year earlier) 701:. The BOJ had maintained short-term 680: 6094:Collateralized mortgage obligations 5644: 4919:Eichengreen, Barry (11 June 2019). 4859:Blackden, Richard (29 March 2012). 4601: 4553:Frank, Robert (14 September 2012). 4108:Henderson, Isaiah M. (4 May 2019). 4098: 3924:The Review of Asset Pricing Studies 3617:Navarro, Bruno J. (12 July 2012). " 3056: 2834:Wolfers, Justin (29 October 2014). 2555: 2507:Conerly, Bill (13 September 2012). 2439:Censky, Annalyn (3 November 2010). 1923:. Federal Reserve Bank of St. Louis 1022:across the eurozone in early 2015. 819: Effective Federal Funds Rate 478:purchases predetermined amounts of 13: 4319:"Climate change and central banks" 3567: 2717:. Partridge Publishing Singapore. 2644:Jason Haver (14 September 2012). " 2614:Jensen, Greg (19 September 2012). 2096:A Study in Monetary Macroeconomics 2079:Pinto, Edward J. (27 April 2016). 1604:to increase demand and inflation. 576:can no longer lower interest rates 570:to reach a desired target for the 310:Trade / commerce ministry 14: 6291: 6189:2007–2008 world food price crisis 5989:Chinese economic stimulus program 5974:2008 European Union stimulus plan 5898:Commercial Paper Funding Facility 5571: 5565:Federal Reserve Bank of St. Louis 5471:Federal Reserve Bank of St. Louis 5376:Hyde, Deborah. (8 November 2010) 4964:Wolf, Martin. (16 December 2008) 4792:, Bloomberg News, 26 January 2013 4608:Elliott, Larry (23 August 2012). 4409:"ECB market neutrality crumbling" 4187: 3530:Stewart, Heather (4 April 2013). 3071:. Bank of England. pp. 7–9. 3040:. Bank of England. Archived from 2792:JeeYeon Park (18 December 2013). 1847:McKenna, Barrie (27 April 2014). 1810:, Policy Brief 16-4 (April 2016). 1722: 1644:would be more effective than QE. 1179:QE can still ease the process of 950: 6237: 6217:List of countries by public debt 5844:National Asset Management Agency 5556: 5542: 5513: 5487: 5475: 5415: 5383: 5370: 5357: 5296: 5253: 5206: 5189: 5171: 5153: 5135: 5113: 5104: 5065: 5026: 4987: 4975: 4958: 4946: 4912: 4893: 4852: 4833: 4814: 4795: 4780: 4763: 4747: 4721: 4695: 4678: 4654: 4628: 4569: 4515: 4489: 4463: 4427: 4401: 4375: 4362: 4336: 4311: 4285: 4259: 4233: 4207: 4181: 4156: 4127: 4021: 4009: 3998: 3976: 3911: 3892: 3840: 3805: 3555:. Bank of Japan. 31 October 2014 2377:, Bloomberg.com, 2 December 2008 2322:"PIMCO/Tomoya Masanao interview" 2083:. American Enterprise Institute. 1762:McTeer, Bob (23 December 2010). 1647: 1576: 762: 419: 6172:2008 Central Asia energy crisis 6089:Collateralized debt obligations 5390:Bullard, James (30 June 2009). 5161:"Combatting Eurozone deflation" 5127:. 1 August 2012. Archived from 4955:. Dallas Fed (8 November 2010). 4786:Jeff Black and Zoe Schneeweis, 4028:Inman, Phillip (29 June 2011). 3755: 3743:Irwin, Neil (31 October 2014). 3736: 3723: 3710: 3697: 3688: 3675: 3649: 3611: 3542: 3523: 3507:. Bank of Japan. Archived from 3497: 3479: 3456: 3438: 3421: 3389: 3368: 3350: 3314: 3288: 3270: 3252: 3218: 3199: 3185: 3167: 3153: 3139: 3125: 3113:. Bank of England. 12 July 2012 3103: 3004: 2986: 2968: 2898: 2880: 2860: 2846: 2827: 2808: 2785: 2767: 2749: 2731: 2704: 2673: 2651: 2638: 2607: 2581: 2533:Inman, Phillip (14 July 2011). 2526: 2500: 2478: 2458: 2432: 2412: 2406: 2392: 2380: 2368: 2351: 2332: 2314: 2294: 2230: 2199: 2173: 2155: 2136: 2122: 2110: 2087: 2072: 2060: 2044: 2027: 2010: 1961: 1919:Bullard, James (January 2010). 1885: 1859: 1738:. Routledge. pp. 369–370. 1395: 544:, and again in response to the 523:interest rates to go below zero 5979:2008–2009 Keynesian resurgence 5824:Federal Housing Finance Agency 5819:Federal Housing Administration 5365:QE: Replacement not debasement 5143:"Print Less but Transfer More" 5051:10.1016/j.jimonfin.2021.102471 4839:Michael Steen and Alice Ross, 4771:A critical assesment [ 3957:Bowlby, Chris (5 March 2009). 1943:"Q&A: Quantitative easing" 1840: 1826: 1813: 1796: 1784:McTeer, Bob (26 August 2010). 1705: 1687: 1447:Effects on stock market prices 1418:Federal Reserve Bank of Dallas 1316:Federal Reserve Bank of Dallas 1212:Impact on savings and pensions 1078:Japan after 2007 and Abenomics 1034:At the beginning of 2013, the 1029: 724:and extended the terms of its 1: 5994:Economic Stimulus Act of 2008 5928:Troubled Asset Relief Program 5854:Office of Financial Stability 5829:Federal Housing Finance Board 5763:Société Générale trading loss 5444:Duncan, Gary (5 March 2009). 5231:10.1080/20430795.2017.1314814 5090:10.1016/j.econlet.2021.110138 4953:Speeches by Richard W. Fisher 4760:. Retrieved 18 December 2020. 3403:. Retrieved 17 December 2020. 3065:Quantitative Easing explained 2387:Bank pumps £75bn into economy 2249:Monetary and Economic Studies 1681: 902:Federal Open Market Committee 731: 667: 5913:Irish emergency budget, 2009 4349:Council on Economic Policies 4143:Corporate Europe Observatory 4018:, retrieved 20 October 2013. 3983:Thornton, Daniel L. (2010). 2441:"QE2: Fed pulls the trigger" 2359:The Unthinkable Has Happened 1540:have signed a letter to the 1222:World Pensions Council (WPC) 813: 3 month Treasury Bond 801: 10 Year Treasury Bond 7: 6260:Operations of central banks 5313:10.13140/RG.2.2.33035.80167 5303:Zappalà, Guglielmo (2018). 5272:10.1007/978-3-030-03152-7_8 4842:Warning on new currency war 3296:"Monetary policy decisions" 3206:Duncan, Gary (8 May 2009). 2648:". Accessed 18 August 2018. 2345:Bank of Japan Working Paper 2099:, Oxford University Press, 2041:Retrieved 18 December 2020. 1664: 1642:outright monetary financing 1332:, the President of the ECB 993: 807: 2 Year Treasury Bond 578:— a situation known as the 10: 6296: 6212:2007–2008 financial crisis 6104:Mortgage-backed securities 5715:Automotive industry crisis 5578:Credit Easing Policy Tools 5012:10.1016/j.iref.2020.08.013 3619:CNBC Coverage of Greenspan 2339:Hiroshi Ugai (July 2006). 1968:Lerven, Frank van (2016). 1611: 1586:technological unemployment 1567:Carbon quantitative easing 1562:Carbon quantitative easing 1480: 1438:, former president of the 1081: 941:2007–2008 financial crisis 924: 880:mortgage-backed securities 753:2007–2008 financial crisis 738:2007–2008 financial crisis 662:2007–2008 financial crisis 654: 555: 542:2007–2008 financial crisis 488:2007–2008 financial crisis 139:Deficit / surplus 6202: 6159: 6117: 6109:Secondary mortgage market 6074: 6030:rescues, and acquisitions 6028:Government interventions, 6027: 6019:Zero interest-rate policy 5966: 5878: 5867: 5796: 5743: 5730:Housing market correction 5707: 5652: 5149:. September–October 2014. 3038:"Ask the Deputy Governor" 2994:"A flat economy (cont'd)" 1986:10.1007/s10272-016-0608-9 1243:Effects on climate change 1206:Devaluation of a currency 1065: 240:Monetary (currency) union 6127:(United States; c. 2009) 5859:UK Financial Investments 5744:Banking losses and fraud 5735:Subprime mortgage crisis 5720:California budget crisis 4220:New Economics Foundation 4168:Greenpeace European Unit 2471:11 February 2015 at the 2307:18 December 2007 at the 2236:Hiroshi Fujiki et al., " 2068:Retrieved 10 March 2015. 1636:Some economists such as 1146:Federal Reserve Governor 1138:Federal Reserve Chairman 785:30 year mortgage average 693:(BoJ) to fight domestic 501:Similar to conventional 6145:(worldwide; 2011–2012) 6084:Auction rate securities 5814:Federal Home Loan Banks 4984:. Federal Reserve Bank. 4830:(London), 10 April 2012 4216:"Decarbonising is easy" 3818:SSRN Electronic Journal 3621:". Finance.yahoo.com. 3382:The Wall Street Journal 3016:www.bankofengland.co.uk 2980:www.bankofengland.co.uk 2267:21 January 2019 at the 2243:21 January 2019 at the 2144:Retrieved 10 March 2015 2118:Retrieved 10 March 2015 1732:Oatley, Thomas (2019). 1671:Quantitative tightening 1571:representative currency 1465:quantitative tightening 1434:According to economist 1374:competitive devaluation 1155:central bank research. 1115:Prime Minister of Japan 751:During the peak of the 744:rate in the US, or the 718:asset-backed securities 572:interbank interest rate 496:Quantitative tightening 6244:Business and economics 5834:Federal Reserve System 5708:United States-specific 5328:Cite journal requires 4758:Management Study Guide 4635:Belvedere, Matthew J. 4451:Cite journal requires 4271:www.europarl.europa.eu 3468:6 October 2011 at the 3338:Cite journal requires 2711:Slatyer, Will (2015). 2389:, ft.com, 5 March 2009 2094:Stefan Homburg (2017) 1343: 1174:Risks and side-effects 1008:Jackson Hole Consensus 960: 936: 869: 837: 772: 640:Boosting asset prices: 612:Portfolio rebalancing: 503:open-market operations 351:Discretionary spending 6184:Decline of newspapers 6131:2009 May Day protests 6077:and financial markets 5967:Stimulus and recovery 5520:Adair Turner (2015). 5433:on 13 September 2012. 4577:"Quarterly Bulletins" 4470:Reporter, Financial. 4298:Positive Money Europe 4246:Positive Money Europe 4114:The California Review 3936:10.1093/rapstu/raz008 3884:) CS1 maint: others ( 3705:FRBSF Economic Letter 3362:European Central Bank 3300:European Central Bank 2976:"Quantitative easing" 2593:Federal Reserve Board 2260:Shirakawa, Masaaki, " 1695:"Quantitative Easing" 1590:demand side economics 1548:European Central Bank 1338: 1010:, on 22 January 2015 1000:European Central Bank 958: 934: 925:Further information: 843: 794:30 Year Treasury Bond 778: 770: 6207:European debt crisis 6099:Credit default swaps 6075:Securities involved 5881:stability and reform 3905:Working Paper Series 3826:10.2139/ssrn.2749128 3718:The economic journal 3685:45.s2 (2013): 29–57. 3625:18 July 2012 at the 3181:. 26 September 2022. 2781:. 19 September 2013. 2626:on 20 September 2012 2287:19 July 2009 at the 2149:2 April 2015 at the 1717:The Economic Journal 1472:Alternative policies 1440:Federal Reserve Bank 1225:financial economists 1052:currency manipulator 897:September 2012: QE3. 552:Process and benefits 16:Monetary policy tool 6167:2000s energy crisis 5879:Banking and finance 5797:Government entities 5427:The Daily Telegraph 5167:. 23 December 2014. 4828:The Daily Telegraph 4811:, 20 September 2012 4139:corporateeurope.org 3597:10.1093/rof/rfaa029 3364:. 19 February 2021. 3302:. 12 September 2019 2942:on 31 December 2010 2488:(5 November 2010). 1836:. Banking Observer. 1676:Yield Curve Control 1416:, president of the 1250:European Parliament 1192:Economists such as 1128:Effectiveness of QE 1093:¥55 trillion. 1036:Swiss National Bank 890:Treasury securities 886:November 2010: QE2. 876:November 2008: QE1. 464:Quantitative easing 6149:Occupy Wall Street 6125:Tea Party protests 5783:Scott W. Rothstein 5525:(Conference paper) 4820:Richard Blackden, 4476:Financial Reporter 4415:. 16 February 2021 4082:. . Archived from 3749:The New York Times 3645:. 11 October 2012. 3493:. 27 October 2011. 3284:. 22 January 2015. 3266:. 22 January 2015. 3231:The New York Times 3088:on 30 October 2010 3022:on 2 January 2011. 3000:. 12 January 2012. 2840:The New York Times 2821:The New York Times 2187:. 16 February 2010 1871:The New York Times 1853:The Globe and Mail 1802:Joseph E. Gagnon, 1614:Monetary financing 1608:Monetary financing 1409:Reputational risks 1018:growing threat of 976:central bank money 961: 937: 906:federal funds rate 870: 838: 773: 746:official bank rate 647:Signalling effect: 356:Mandatory spending 280:Non-tariff barrier 218:Monetary authority 6265:Financial markets 6225: 6224: 6194:Retail apocalypse 6139:(MENA; 2010–2012) 6070: 6069: 6066: 6065: 5962: 5961: 5942:Bank stress tests 5380:. Citywire.co.uk. 5282:978-3-030-03151-0 5131:on 3 August 2012. 5078:Economics Letters 4849:, 22 January 2013 4691:. ECB. July 2018. 4389:. 15 October 2020 4372:”, Working Paper. 4323:www.bundesbank.de 4273:. 2 December 2020 4053:Reuters with CNBC 3859:978-92-846-7095-6 3776:978-92-846-7120-5 3733:7.1 (2011): 3–43. 3585:Review of Finance 2595:. 12 January 2012 2413:Ali, Abdulmalik. 2105:978-0-19-880753-7 1745:978-1-351-03464-7 1640:have argued that 1627:debt monetization 1602:social safety net 1556:Philip Hildebrand 1477:QE for the people 1458:COVID-19 pandemic 1453:Federal Reserve's 1422:debt monetization 1414:Richard W. Fisher 1304:Reason Foundation 1261:Christine Lagarde 1237:consumer spending 1107:economic policies 1071:Sveriges Riksbank 945:COVID-19 pandemic 912:On 19 June 2013, 681:Japan (2001–2006) 546:COVID-19 pandemic 461: 460: 402:Fiscal adjustment 6287: 6242: 6241: 6233: 6118:Social responses 6043: 6042: 5939: 5938: 5869: 5868: 5639: 5632: 5625: 5616: 5615: 5566: 5560: 5554: 5553: 5546: 5540: 5539: 5537: 5535: 5526: 5517: 5511: 5510: 5508: 5506: 5491: 5485: 5479: 5473: 5465: 5454: 5453: 5441: 5435: 5434: 5419: 5413: 5412: 5410: 5408: 5398: 5387: 5381: 5374: 5368: 5361: 5355: 5349: 5338: 5337: 5331: 5326: 5324: 5316: 5300: 5294: 5293: 5274: 5257: 5251: 5250: 5210: 5204: 5193: 5187: 5186: 5185:. 26 March 2015. 5175: 5169: 5168: 5157: 5151: 5150: 5139: 5133: 5132: 5117: 5111: 5108: 5102: 5101: 5069: 5063: 5062: 5030: 5024: 5023: 4991: 4985: 4979: 4973: 4962: 4956: 4950: 4944: 4943: 4941: 4939: 4916: 4910: 4909: 4897: 4891: 4890: 4888: 4886: 4864: 4856: 4850: 4837: 4831: 4818: 4812: 4799: 4793: 4784: 4778: 4767: 4761: 4751: 4745: 4744: 4742: 4740: 4725: 4719: 4718: 4716: 4714: 4699: 4693: 4692: 4690: 4682: 4676: 4675: 4673: 4671: 4666: 4658: 4652: 4651: 4649: 4647: 4632: 4626: 4625: 4623: 4621: 4605: 4599: 4598: 4596: 4594: 4588: 4581: 4573: 4567: 4566: 4564: 4562: 4550: 4539: 4538: 4536: 4534: 4519: 4513: 4512: 4510: 4508: 4501:Banque de France 4493: 4487: 4486: 4484: 4482: 4467: 4461: 4460: 4454: 4449: 4447: 4439: 4431: 4425: 4424: 4422: 4420: 4405: 4399: 4398: 4396: 4394: 4379: 4373: 4366: 4360: 4359: 4357: 4355: 4340: 4334: 4333: 4331: 4329: 4315: 4309: 4308: 4306: 4304: 4289: 4283: 4282: 4280: 4278: 4263: 4257: 4256: 4254: 4252: 4237: 4231: 4230: 4228: 4226: 4211: 4205: 4204: 4202: 4200: 4185: 4179: 4178: 4176: 4174: 4160: 4154: 4153: 4151: 4149: 4131: 4125: 4124: 4122: 4120: 4105: 4096: 4095: 4093: 4091: 4071: 4065: 4064: 4062: 4060: 4044: 4038: 4037: 4025: 4019: 4013: 4007: 4002: 3996: 3995: 3989: 3980: 3974: 3973: 3971: 3969: 3954: 3948: 3947: 3915: 3909: 3908: 3896: 3890: 3889: 3879: 3871: 3844: 3838: 3837: 3809: 3803: 3802: 3796: 3788: 3759: 3753: 3752: 3740: 3734: 3727: 3721: 3714: 3708: 3701: 3695: 3692: 3686: 3679: 3673: 3672: 3670: 3668: 3653: 3647: 3646: 3635: 3629: 3615: 3609: 3608: 3576: 3565: 3564: 3562: 3560: 3554: 3546: 3540: 3539: 3527: 3521: 3520: 3518: 3516: 3511:on 14 April 2023 3501: 3495: 3494: 3483: 3477: 3476:(4 August 2011). 3460: 3454: 3453: 3452:. 4 August 2011. 3442: 3436: 3425: 3419: 3413: 3404: 3393: 3387: 3386: 3372: 3366: 3365: 3354: 3348: 3347: 3341: 3336: 3334: 3326: 3318: 3312: 3311: 3309: 3307: 3292: 3286: 3285: 3274: 3268: 3267: 3256: 3250: 3249: 3247: 3245: 3222: 3216: 3215: 3203: 3197: 3196: 3189: 3183: 3182: 3171: 3165: 3164: 3157: 3151: 3150: 3143: 3137: 3136: 3129: 3123: 3122: 3120: 3118: 3107: 3101: 3100: 3095: 3093: 3087: 3081:. 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Archived from 2318: 2312: 2298: 2292: 2280:Bank of Japan, " 2278: 2272: 2258: 2252: 2234: 2228: 2227: 2225: 2223: 2214:. 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6284: 6275:Monetary policy 6250: 6249: 6248: 6236: 6228: 6226: 6221: 6198: 6155: 6143:Occupy movement 6113: 6076: 6062: 6041: 6029: 6023: 5958: 5937: 5880: 5874: 5863: 5792: 5739: 5703: 5648: 5646:Great Recession 5643: 5574: 5569: 5561: 5557: 5552:. 20 July 2016. 5548: 5547: 5543: 5533: 5531: 5524: 5518: 5514: 5504: 5502: 5492: 5488: 5480: 5476: 5466: 5457: 5442: 5438: 5421: 5420: 5416: 5406: 5404: 5403:, United States 5396: 5388: 5384: 5375: 5371: 5362: 5358: 5350: 5341: 5329: 5327: 5318: 5317: 5301: 5297: 5283: 5258: 5254: 5211: 5207: 5194: 5190: 5183:Financial Times 5177: 5176: 5172: 5159: 5158: 5154: 5147:Foreign Affairs 5141: 5140: 5136: 5119: 5118: 5114: 5109: 5105: 5070: 5066: 5031: 5027: 4992: 4988: 4980: 4976: 4970:Financial Times 4963: 4959: 4951: 4947: 4937: 4935: 4917: 4913: 4898: 4894: 4884: 4882: 4867:Daily Telegraph 4857: 4853: 4847:Financial Times 4838: 4834: 4819: 4815: 4809:Financial Times 4800: 4796: 4785: 4781: 4777:SOMO, June 2018 4768: 4764: 4752: 4748: 4738: 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3760: 3756: 3741: 3737: 3728: 3724: 3720:122.564 (2012). 3715: 3711: 3707:22 (2013): 1–5. 3702: 3698: 3693: 3689: 3680: 3676: 3666: 3664: 3654: 3650: 3637: 3636: 3632: 3627:Wayback Machine 3616: 3612: 3577: 3568: 3558: 3556: 3552: 3548: 3547: 3543: 3528: 3524: 3514: 3512: 3503: 3502: 3498: 3485: 3484: 3480: 3470:Wayback Machine 3461: 3457: 3444: 3443: 3439: 3426: 3422: 3414: 3407: 3394: 3390: 3373: 3369: 3356: 3355: 3351: 3339: 3337: 3328: 3327: 3319: 3315: 3305: 3303: 3294: 3293: 3289: 3276: 3275: 3271: 3258: 3257: 3253: 3243: 3241: 3223: 3219: 3204: 3200: 3191: 3190: 3186: 3173: 3172: 3168: 3159: 3158: 3154: 3145: 3144: 3140: 3131: 3130: 3126: 3116: 3114: 3109: 3108: 3104: 3091: 3089: 3085: 3079: 3068: 3062: 3061: 3057: 3047: 3045: 3044:on 26 July 2010 3031: 3027: 3010: 3009: 3005: 2992: 2991: 2987: 2974: 2973: 2969: 2953: 2952: 2945: 2943: 2939: 2932: 2930:"Archived copy" 2928: 2927: 2923: 2913: 2911: 2908: 2904: 2903: 2899: 2886: 2885: 2881: 2866: 2865: 2861: 2852: 2851: 2847: 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1890: 1886: 1876: 1874: 1865: 1864: 1860: 1845: 1841: 1832: 1831: 1827: 1819:Ricardo Reis, " 1818: 1814: 1801: 1797: 1782: 1775: 1760: 1753: 1746: 1730: 1723: 1710: 1706: 1699:Bank of England 1693: 1692: 1688: 1684: 1667: 1650: 1616: 1610: 1579: 1564: 1552:Stanley Fischer 1546:calling on the 1543:Financial Times 1519:John Muellbauer 1513:Foreign Affairs 1493:Milton Friedman 1485: 1479: 1474: 1449: 1411: 1398: 1352: 1336:once declared: 1296:property ladder 1288: 1273:market failures 1265:Isabel Schnabel 1245: 1229:government bond 1214: 1176: 1130: 1086: 1080: 1068: 1032: 996: 965:Bank of England 953: 929: 868: 864: 862: 855: 853: 851:M2 money supply 846: 831: 830: 822: 820: 816: 814: 810: 808: 804: 802: 798: 796: 789: 787: 780: 765: 734: 714:excess reserves 683: 670: 657: 627:capital outflow 605:Credit channel: 591:excess reserves 560: 558:Monetary policy 554: 474:action where a 472:monetary policy 457: 412: 411: 407:Monetary reform 397: 389: 388: 384:Price stability 379:Economic growth 374:Balanced budget 369: 361: 360: 341:Non-tax revenue 336: 335: 315: 314: 305:Trade diversion 260: 250: 249: 203:Discount window 186: 184:Monetary policy 176: 175: 110: 100: 99: 45: 17: 12: 11: 5: 6293: 6283: 6282: 6277: 6272: 6267: 6262: 6247: 6246: 6223: 6222: 6220: 6219: 6214: 6209: 6203: 6200: 6199: 6197: 6196: 6191: 6186: 6181: 6176: 6175: 6174: 6163: 6161: 6160:Related topics 6157: 6156: 6154: 6153: 6152: 6151: 6140: 6134: 6128: 6121: 6119: 6115: 6114: 6112: 6111: 6106: 6101: 6096: 6091: 6086: 6080: 6078: 6072: 6071: 6068: 6067: 6064: 6063: 6061: 6060: 6058:General Motors 6055: 6049: 6047: 6040: 6039: 6033: 6031: 6025: 6024: 6022: 6021: 6016: 6011: 6006: 6004:Green New Deal 6001: 5996: 5991: 5986: 5981: 5976: 5970: 5968: 5964: 5963: 5960: 5959: 5957: 5956: 5951: 5945: 5943: 5936: 5935: 5930: 5925: 5920: 5915: 5910: 5905: 5900: 5895: 5890: 5884: 5882: 5876: 5875: 5865: 5864: 5862: 5861: 5856: 5851: 5846: 5841: 5836: 5831: 5826: 5821: 5816: 5811: 5806: 5800: 5798: 5794: 5793: 5791: 5790: 5788:Allen Stanford 5785: 5780: 5775: 5770: 5765: 5760: 5759: 5758: 5747: 5745: 5741: 5740: 5738: 5737: 5732: 5727: 5725:Housing bubble 5722: 5717: 5711: 5709: 5705: 5704: 5702: 5701: 5696: 5695: 5694: 5684: 5679: 5678: 5677: 5672: 5662: 5656: 5654: 5650: 5649: 5642: 5641: 5634: 5627: 5619: 5613: 5612: 5607: 5602: 5597: 5592: 5587: 5581: 5573: 5572:External links 5570: 5568: 5567: 5555: 5541: 5512: 5486: 5474: 5455: 5436: 5414: 5382: 5369: 5356: 5339: 5330:|journal= 5295: 5281: 5252: 5225:(3): 233–274. 5205: 5188: 5170: 5152: 5134: 5112: 5103: 5064: 5025: 4986: 4974: 4957: 4945: 4911: 4892: 4851: 4832: 4813: 4794: 4779: 4762: 4746: 4720: 4709:. 18 July 2018 4694: 4677: 4653: 4627: 4600: 4568: 4540: 4529:. 11 July 2016 4514: 4488: 4462: 4453:|journal= 4426: 4400: 4374: 4361: 4335: 4310: 4284: 4258: 4232: 4206: 4180: 4155: 4126: 4097: 4066: 4039: 4020: 4008: 3997: 3975: 3949: 3930:(2): 210–255. 3910: 3891: 3858: 3839: 3804: 3775: 3754: 3735: 3722: 3709: 3696: 3687: 3674: 3648: 3630: 3610: 3591:(3): 713–743. 3566: 3541: 3522: 3496: 3478: 3455: 3437: 3420: 3405: 3401:Tages Anzeiger 3388: 3367: 3349: 3340:|journal= 3313: 3287: 3269: 3251: 3217: 3198: 3195:. 8 June 2023. 3184: 3166: 3163:. 6 June 2023. 3152: 3149:. 8 June 2023. 3138: 3135:. 8 June 2023. 3124: 3102: 3077: 3055: 3025: 3003: 2985: 2967: 2921: 2897: 2879: 2859: 2845: 2826: 2807: 2784: 2766: 2748: 2730: 2723: 2703: 2672: 2650: 2637: 2606: 2580: 2568:Bloomberg News 2554: 2525: 2499: 2477: 2457: 2431: 2405: 2391: 2379: 2367: 2350: 2331: 2313: 2293: 2273: 2253: 2229: 2218:on 14 May 2013 2206:Mark Spiegel. 2198: 2172: 2154: 2135: 2121: 2109: 2086: 2071: 2059: 2043: 2026: 2009: 1980:(4): 237–242. 1974:Intereconomics 1960: 1949:. 9 March 2009 1934: 1911: 1884: 1858: 1839: 1825: 1812: 1795: 1773: 1751: 1744: 1721: 1704: 1685: 1683: 1680: 1679: 1678: 1673: 1666: 1663: 1649: 1646: 1623:money creation 1612:Main article: 1609: 1606: 1598:infrastructure 1578: 1575: 1563: 1560: 1478: 1475: 1473: 1470: 1448: 1445: 1410: 1407: 1397: 1394: 1351: 1348: 1320:Richard Fisher 1287: 1284: 1269:Frank Elderson 1244: 1241: 1232:interest rates 1218:European Union 1213: 1210: 1186:debt monetized 1175: 1172: 1141:Alan Greenspan 1129: 1126: 1079: 1076: 1067: 1064: 1056:retirement age 1031: 1028: 995: 992: 952: 951:United Kingdom 949: 867: Core CPI 863: 854: 845: 821: 815: 809: 803: 797: 788: 779: 764: 763:United States 761: 733: 730: 703:interest rates 682: 679: 669: 666: 656: 653: 652: 651: 644: 637: 633:Fiscal effect: 630: 623:exchange rates 619:Exchange rate: 616: 609: 580:liquidity trap 553: 550: 519:liquidity trap 459: 458: 456: 455: 448: 441: 433: 430: 429: 428: 427: 414: 413: 410: 409: 404: 398: 395: 394: 391: 390: 387: 386: 381: 376: 370: 367: 366: 363: 362: 359: 358: 353: 348: 343: 337: 334: 333: 328: 322: 321: 320: 317: 316: 313: 312: 307: 302: 300:Trade creation 297: 292: 287: 282: 277: 272: 267: 261: 256: 255: 252: 251: 248: 247: 242: 237: 232: 231: 230: 228:currency board 225: 215: 210: 205: 200: 199: 198: 187: 182: 181: 178: 177: 174: 173: 168: 167: 166: 156: 151: 146: 141: 136: 135: 134: 124: 123: 122: 111: 106: 105: 102: 101: 98: 97: 92: 87: 82: 77: 72: 67: 62: 57: 52: 46: 41: 40: 37: 36: 28: 27: 25:Public finance 15: 9: 6: 4: 3: 2: 6292: 6281: 6278: 6276: 6273: 6271: 6268: 6266: 6263: 6261: 6258: 6257: 6255: 6245: 6240: 6235: 6234: 6231: 6218: 6215: 6213: 6210: 6208: 6205: 6204: 6201: 6195: 6192: 6190: 6187: 6185: 6182: 6180: 6177: 6173: 6170: 6169: 6168: 6165: 6164: 6162: 6158: 6150: 6147: 6146: 6144: 6141: 6138: 6135: 6132: 6129: 6126: 6123: 6122: 6120: 6116: 6110: 6107: 6105: 6102: 6100: 6097: 6095: 6092: 6090: 6087: 6085: 6082: 6081: 6079: 6073: 6059: 6056: 6054: 6051: 6050: 6048: 6044: 6038: 6035: 6034: 6032: 6026: 6020: 6017: 6015: 6012: 6010: 6007: 6005: 6002: 6000: 5997: 5995: 5992: 5990: 5987: 5985: 5982: 5980: 5977: 5975: 5972: 5971: 5969: 5965: 5955: 5952: 5950: 5947: 5946: 5944: 5940: 5934: 5931: 5929: 5926: 5924: 5921: 5919: 5916: 5914: 5911: 5909: 5906: 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2242: 2239: 2233: 2217: 2213: 2209: 2202: 2186: 2182: 2176: 2168: 2164: 2158: 2152: 2148: 2145: 2139: 2131: 2125: 2119: 2113: 2106: 2102: 2098: 2097: 2090: 2082: 2075: 2069: 2063: 2056: 2055:The Telegraph 2052: 2047: 2040: 2036: 2030: 2019: 2013: 2005: 2001: 1996: 1991: 1987: 1983: 1979: 1975: 1971: 1964: 1948: 1944: 1938: 1922: 1915: 1899: 1895: 1888: 1872: 1868: 1862: 1854: 1850: 1843: 1835: 1829: 1822: 1816: 1809: 1805: 1799: 1791: 1787: 1780: 1778: 1769: 1765: 1758: 1756: 1747: 1741: 1737: 1736: 1728: 1726: 1718: 1714: 1708: 1700: 1696: 1690: 1686: 1677: 1674: 1672: 1669: 1668: 1662: 1658: 1655: 1654:Irving Fisher 1648:Neo-Fisherism 1645: 1643: 1639: 1634: 1630: 1628: 1624: 1619: 1615: 1605: 1603: 1599: 1595: 1591: 1587: 1583: 1577:Fiscal policy 1574: 1572: 1568: 1559: 1557: 1553: 1549: 1545: 1544: 1539: 1535: 1531: 1527: 1522: 1520: 1515: 1514: 1509: 1508:Eric Lonergan 1505: 1500: 1498: 1494: 1490: 1484: 1469: 1466: 1461: 1459: 1454: 1444: 1441: 1437: 1436:Robert McTeer 1432: 1429: 1425: 1423: 1419: 1415: 1406: 1403: 1393: 1390: 1387:According to 1385: 1381: 1379: 1375: 1371: 1370:protectionism 1367: 1363: 1361: 1357: 1347: 1342: 1337: 1335: 1331: 1328: 1323: 1321: 1317: 1314:In May 2013, 1312: 1308: 1305: 1301: 1297: 1293: 1283: 1281: 1276: 1274: 1270: 1266: 1262: 1257: 1253: 1251: 1240: 1238: 1233: 1230: 1226: 1223: 1219: 1209: 1207: 1203: 1198: 1195: 1190: 1187: 1182: 1171: 1168: 1164: 1162: 1156: 1152: 1150: 1147: 1142: 1139: 1134: 1125: 1121: 1118: 1116: 1113:, the former 1112: 1108: 1104: 1100: 1094: 1090: 1089:ineffective. 1085: 1075: 1072: 1063: 1061: 1057: 1053: 1049: 1045: 1040: 1037: 1027: 1023: 1021: 1015: 1013: 1009: 1004: 1001: 991: 987: 983: 979: 977: 972: 968: 966: 957: 948: 946: 942: 933: 928: 923: 922: 918: 915: 910: 907: 903: 898: 894: 891: 887: 883: 881: 877: 873: 861: 852: 842: 836: 828: 827:CPI inflation 795: 786: 777: 769: 760: 758: 754: 749: 747: 743: 742:federal funds 739: 729: 727: 723: 719: 715: 711: 706: 704: 700: 696: 692: 691:Bank of Japan 688: 687:ryōteki kanwa 678: 675: 665: 663: 648: 645: 641: 638: 634: 631: 628: 624: 620: 617: 613: 610: 606: 603: 602: 601: 598: 596: 592: 588: 583: 581: 577: 573: 569: 565: 559: 549: 547: 543: 539: 535: 531: 526: 524: 520: 515: 513: 509: 504: 499: 497: 493: 489: 485: 481: 477: 473: 469: 465: 454: 449: 447: 442: 440: 435: 434: 432: 431: 426: 422: 418: 417: 416: 415: 408: 405: 403: 400: 399: 393: 392: 385: 382: 380: 377: 375: 372: 371: 365: 364: 357: 354: 352: 349: 347: 344: 342: 339: 338: 332: 329: 327: 324: 323: 319: 318: 311: 308: 306: 303: 301: 298: 296: 293: 291: 288: 286: 285:Protectionism 283: 281: 278: 276: 273: 271: 268: 266: 263: 262: 259: 254: 253: 246: 243: 241: 238: 236: 235:Monetary base 233: 229: 226: 224: 221: 220: 219: 216: 214: 213:Interest rate 211: 209: 208:Gold reserves 206: 204: 201: 197: 194: 193: 192: 191:Bank reserves 189: 188: 185: 180: 179: 172: 169: 165: 162: 161: 160: 157: 155: 152: 150: 147: 145: 142: 140: 137: 133: 130: 129: 128: 125: 121: 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