| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11691 |
| DP11691 QE: the story so far | |
| Tomasz Wieladek; Andrew Haldane | |
| 发表日期 | 2016-12-07 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | In the past decade or so, a number of central banks have purchased assets financed by the creation of central bank reserves as a tool for loosening monetary policy – a policy often known as ‘quantitative easing’ or ‘QE’. The first half of the paper reviews the international evidence on the impact on financial markets and economic activity of this policy. It finds that these central bank balance sheet expansions had a discernible and significant impact on financial markets and the economy. The second half of the paper provides new empirical analysis on the macroeconomic impact of central bank balance sheet expansions, across time and countries. It finds three key results. First, it is only when central bank balance sheet expansions are used as a monetary policy tool that they have a significant macro-economic impact. Second, there is evidence for the US that the effectiveness of QE may vary over time, depending on the state of the economy and liquidity of the financial system. And third, QE can have strong spill-over effects cross-border, acting mainly via financial channels. For example, the impact of US QE on UK economic activity may be as large as the impact on US economic activity. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Quantitative easing Qe Unconventional monetary policy Central bank balance sheet |
| URL | https://cepr.org/publications/dp11691 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540505 |
| 推荐引用方式 GB/T 7714 | Tomasz Wieladek,Andrew Haldane. DP11691 QE: the story so far. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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