Quantitative easing and other unconventional monetary policies: Bank of England conference summary
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.
Volume (Year): 52 (2012)
Issue (Month): 1 ()
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- John C. Williams, 2011.
"Unconventional monetary policy: lessons from the past three years,"
FRBSF Economic Letter,
Federal Reserve Bank of San Francisco, issue oct3.
- John C. Williams, 2011. "Unconventional monetary policy: lessons from the past three years," Speech 92, Federal Reserve Bank of San Francisco.
- 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.
- Vayanos, Dimitri & Vila, Jean-Luc, 2009.
"A Preferred-Habitat Model of the Term Structure of Interest Rates,"
CEPR Discussion Papers
7547, C.E.P.R. Discussion Papers.
- 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.
- Dimitri Vayanos & Jean-Luc Vila, 2009. "A Preferred-Habitat Model of the Term Structure of Interest Rates," NBER Working Papers 15487, National Bureau of Economic Research, Inc.
- Jean-Luc Vila & Dimitri Vayanos, 2009. "A Preferred-Habitat Model of the Term Structure of Interest Rates," FMG Discussion Papers dp641, Financial Markets Group.
- Joseph E. Gagnon & Matthew Raskin & Julie Remache & Brian P. Sack, 2011.
"Large-scale asset purchases by the Federal Reserve: did they work?,"
Economic Policy Review,
Federal Reserve Bank of New York, issue May, pages 41-59.
- Joseph E. Gagnon & Matthew Raskin & Julie Remache & Brian P. Sack, 2010. "Large-scale asset purchases by the Federal Reserve: did they work?," Staff Reports 441, Federal Reserve Bank of New York.
- Harrison, Richard, 2012. "Asset purchase policy at the effective lower bound for interest rates," Bank of England working papers 444, Bank of England.
- George Kapetanios & Haroon Mumtaz & Ibrahim Stevens & Konstantinos Theodoridis, 2012.
"Assessing the Economy‐wide Effects of Quantitative Easing,"
Royal Economic Society, vol. 122(564), pages F316-F347, November.
- Kapetanios, George & Mumtaz, Haroon & Stevens, Ibrahim & Theodoridis, Konstantinos, 2012. "Assessing the economy-wide effects of quantitative easing," Bank of England working papers 443, Bank of England.
- Han Chen & Vasco Cúrdia & Andrea Ferrero, 2012.
"The Macroeconomic Effects of Large‐scale Asset Purchase Programmes,"
Royal Economic Society, vol. 122(564), pages F289-F315, November.
- 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.
- Vasco Curdia & Andrea Ferrero & Han Chen, 2012. "The Macroeconomic Effects of Large-Scale Asset Purchase Programs," 2012 Meeting Papers 372, Society for Economic Dynamics.
- Han Chen & Vasco Cúrdia & Andrea Ferrero, 2012. "The macroeconomic effects of large-scale asset purchase programs," Working Paper Series 2012-22, Federal Reserve Bank of San Francisco.
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