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Doubling your monetary base and surviving: some international experience

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Author Info

  • Richard G. Anderson
  • Charles S. Gascon
  • Yang Liu

Abstract

The authors examine the experience of selected central banks that have used large-scale balance-sheet expansion, frequently referred to as “quantitative easing,” as a monetary policy instrument. The case studies focus on central banks responding to the recent financial crisis and Nordic central banks during the banking crises of the 1990s; others are provided for comparison purposes. The authors conclude that large-scale balance-sheet increases are a viable monetary policy tool provided the public believes the increase will be appropriately reversed.

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Bibliographic Info

Article provided by Federal Reserve Bank of St. Louis in its journal Review.

Volume (Year): (2010)
Issue (Month): Nov ()
Pages: 481-506

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Handle: RePEc:fip:fedlrv:y:2010:i:nov:p:481-506:n:v.92no.6

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Related research

Keywords: Monetary policy - United States ; Money supply ; Financial crises;

References

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  1. Aleksander Berentsen & Christopher Waller, 2011. "Price‐Level Targeting and Stabilization Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43, pages 559-580, October.
  2. Shigenori Shiratsuka, 2010. "Size and composition of the central bank balance sheet: revisiting Japan's experience of the quantitative easing policy," Globalization and Monetary Policy Institute Working Paper 42, Federal Reserve Bank of Dallas.
  3. Claudio Borio & Piti Disyatat, 2010. "Unconventional Monetary Policies: An Appraisal," Manchester School, University of Manchester, vol. 78(s1), pages 53-89, 09.
  4. Christopher Crowe & Ellen E. Meade, 2007. "Central Bank Independence and Transparency: Evolution and Effectiveness," Working Papers 2007-20, American University, Department of Economics.
  5. Richard G. Anderson, 2009. "Resolving a banking crisis, the Nordic way," Economic Synopses, Federal Reserve Bank of St. Louis.
  6. Batchelor, Roy A & Dua, Pami, 1989. "Household versus Economist Forecasts of Inflation: A Reassessment: A Note," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 21(2), pages 252-57, May.
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Citations

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Cited by:
  1. Stefan Behrendt, 2013. "Monetary Transmission via the Central Bank Balance Sheet," Global Financial Markets Working Paper Series 49-2013, Friedrich-Schiller-University Jena.
  2. Fawley, Brett W. & Neely, Christopher J., 2013. "Four stories of quantitative easing," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 51-88.
  3. Raphael Auer & Sebastien Kraenzlin, 2011. "International liquidity provision during the financial crisis: a view from Switzerland," Globalization and Monetary Policy Institute Working Paper 75, Federal Reserve Bank of Dallas.
  4. Richard Robinson & Marwan El Nasser, 2013. "Decomposing US Money Supply Changes since the Financial Crisis," International Journal of Financial Studies, MDPI, Open Access Journal, vol. 1(2), pages 32-44, June.
  5. Ahrendsen, Bruce L., 2012. "The Global Financial Crisis: Implications For Capital To Agribusiness," APSTRACT: Applied Studies in Agribusiness and Commerce, AGRIMBA, vol. 6.
  6. Richard G. Anderson, 2012. "Quantitative easing the Swedish way," Economic Synopses, Federal Reserve Bank of St. Louis.

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