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Quantitative easing and other unconventional monetary policies: Bank of England conference summary

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  • Joyce, Michael

    ()
    (Bank of England)

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    Abstract

    In November 2011, the Bank of England held a conference to discuss the lessons learned about quantitative easing and the other unconventional monetary policies used during the global financial crisis. A number of central bank economists and academics presented their research. This article summarises the presentations made at the conference and some of the related discussions. Overall, the research presented broadly supported the emerging consensus that unconventional monetary policies helped to mitigate the macroeconomic effects of the crisis. But there was less agreement about the magnitude of the effects and the main mechanisms through which the policies may have worked, and a number of areas for further research were suggested.

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    File URL: http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/qb120104.pdf
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    Bibliographic Info

    Article provided by Bank of England in its journal Bank of England Quarterly Bulletin.

    Volume (Year): 52 (2012)
    Issue (Month): 1 ()
    Pages: 48-56

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    Handle: RePEc:boe:qbullt:0070

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Gert Peersman, 2012. "Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound," 2012 Meeting Papers 400, Society for Economic Dynamics.
    2. Dimitri Vayanos & Jean-Luc Vila, 2009. "A preferred-habitat model of the term structure of interest rates," LSE Research Online Documents on Economics 29308, London School of Economics and Political Science, LSE Library.
    3. Han Chen & Vasco Cúrdia & Andrea Ferrero, 2011. "The macroeconomic effects of large-scale asset purchase programs," Staff Reports 527, Federal Reserve Bank of New York.
    4. Joseph Gagnon & Matthew Raskin & Julie Remache & Brian Sack, 2010. "Large-scale asset purchases by the Federal Reserve: did they work?," Staff Reports 441, Federal Reserve Bank of New York.
    5. George Kapetanios & Haroon Mumtaz & Ibrahim Stevens & Konstantinos Theodoridis, 2012. "Assessing the Economy‐wide Effects of Quantitative Easing," Economic Journal, Royal Economic Society, vol. 122(564), pages F316-F347, November.
    6. Jonathan H. Wright, 2011. "What does Monetary Policy do to Long-Term Interest Rates at the Zero Lower Bound?," NBER Working Papers 17154, National Bureau of Economic Research, Inc.
    7. Harrison, Richard, 2012. "Asset purchase policy at the effective lower bound for interest rates," Bank of England working papers 444, Bank of England.
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