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Quantitative easing: entrance and exit strategies


  • Alan S. Blinder


This article was originally presented as the Homer Jones Memorial Lecture, organized by the Federal Reserve Bank of St. Louis, St. Louis, Missouri, April 1, 2010.

Suggested Citation

  • Alan S. Blinder, 2010. "Quantitative easing: entrance and exit strategies," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 465-480.
  • Handle: RePEc:fip:fedlrv:y:2010:i:nov:p:465-480:n:v.92no.6

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    References listed on IDEAS

    1. John B. Taylor & John C. Williams, 2009. "A black swan in the money market," Proceedings, Federal Reserve Bank of San Francisco, issue Jan.
    2. Todd Keister & James J. McAndrews, 2009. "Why are banks holding so many excess reserves?," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 15(Dec).
    3. Ben S. Bernanke, 2009. "Regulatory restructuring: testimony before the Committee on Financial Services, U.S. House of Representatives, July 24, 2009," Web Site 69, Board of Governors of the Federal Reserve System (U.S.).
    4. Ben S. Bernanke, 2009. "Semiannual Monetary Policy Report to the Congress: testimony before the Committee on Financial Services, U.S. House of Representatives, July 21, 2009," Web Site 64, Board of Governors of the Federal Reserve System (U.S.).
    5. Cúrdia, Vasco & Woodford, Michael, 2011. "The central-bank balance sheet as an instrument of monetarypolicy," Journal of Monetary Economics, Elsevier, vol. 58(1), pages 54-79, January.
    6. Lars E.O. Svensson, 2003. "Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others," Journal of Economic Perspectives, American Economic Association, vol. 17(4), pages 145-166, Fall.
    7. Todd Keister & Antoine Martin & James J. McAndrews, 2008. "Divorcing money from monetary policy," Economic Policy Review, Federal Reserve Bank of New York, issue Sep, pages 41-56.
    8. Ben S. Bernanke, 2010. "Federal Reserve's exit strategy: testimony before the Committee on Financial Services, U.S. House of Representatives, March 25, 2010," Web Site 89, Board of Governors of the Federal Reserve System (U.S.).
    9. Ben S. Bernanke, 2010. "Federal Reserve's exit strategy: testimony before the Committee on Financial Services, U.S. House of Representatives, February 10, 2010," Web Site 79, Board of Governors of the Federal Reserve System (U.S.).
    10. John Taylor, 2010. "An Exit Rule for Monetary Policy," Discussion Papers 09-009, Stanford Institute for Economic Policy Research.
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    Cited by:

    1. christiaan Pattipeilohy, 2016. "A comparative analysis of developments in central bank balance sheet composition," BIS Working Papers 559, Bank for International Settlements.
    2. Schabert, Andreas, 2015. "Optimal central bank lending," Journal of Economic Theory, Elsevier, vol. 157(C), pages 485-516.
    3. Falagiarda, Matteo & Reitz, Stefan, 2015. "Announcements of ECB unconventional programs: Implications for the sovereign spreads of stressed euro area countries," Journal of International Money and Finance, Elsevier, vol. 53(C), pages 276-295.
    4. Chen, Qianying & Filardo, Andrew & He, Dong & Zhu, Feng, 2016. "Financial crisis, US unconventional monetary policy and international spillovers," Journal of International Money and Finance, Elsevier, vol. 67(C), pages 62-81.
    5. Giorgio Giorgio, 2014. "Monetary policy challenges: how central banks changed their modus operandi," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 4(1), pages 25-43, June.
    6. Fernando J. Pérez Forero, 2017. "Measuring the Stance of Monetary Policy in a Time-Varying," Working Papers 2017-102, Peruvian Economic Association.
    7. Baghestani, Hamid & Toledo, Hugo, 2017. "Do analysts' forecasts of term spread differential help predict directional change in exchange rates?," International Review of Economics & Finance, Elsevier, vol. 47(C), pages 62-69.
    8. Katarzyna Nagraba, 2012. "Flexible approach in monetary policy during instability of the markets. Quantitative Easing Policy (Elastyczne podejscie w polityce pienieznej w czasach niestabilnosci rynkow. Polityka quantitative ea," Problemy Zarzadzania, University of Warsaw, Faculty of Management, vol. 10(39), pages 64-76.
    9. Wang, Ling, 2016. "Unconventional monetary policy and aggregate bank lending: Does financial structure matter?," Journal of Policy Modeling, Elsevier, vol. 38(6), pages 1060-1077.
    10. Tzu-Kuang Hsu & Chin-Chang Tsai, 2017. "Explore the Impact of the Trading Value, The Oil Price and Quantitative Easing Policy on the Taiwan and Korea Stock Market Return with Quantile Regression," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 7(1), pages 15-26, January.
    11. Paulo José Saraiva & Luiz Fernando De Paula & André De Melo Modenesi, 2016. "A Crise Financeira Americana E As Implicações Para A Política Monetária," Anais do XLII Encontro Nacional de Economia [Proceedings of the 42ndd Brazilian Economics Meeting] 114, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
    12. Christiaan Pattipeilohy, 2016. "A comparative analysis of developments in central bank balance sheet composition," DNB Working Papers 510, Netherlands Central Bank, Research Department.
    13. Timothy Sharpe & Martin Watts, 2013. "Unconventional Monetary Policy in the UK: A Modern Money Critique," Economic Issues Journal Articles, Economic Issues, vol. 18(2), pages 41-64, September.
    14. Marco Passarella, 2013. "Financial Integration in the European Union: an Analysis of ECB’s role," Working papers wpaper04, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    15. Anne-Marie Rieu-Foucault, 2017. "Point sur la fourniture de liquidié publique," EconomiX Working Papers 2017-27, University of Paris Nanterre, EconomiX.
    16. István Dedák, 2013. "Balance Sheet Recession and Debt Financing," Public Finance Quarterly, State Audit Office of Hungary, vol. 58(1), pages 76-94.
    17. repec:spr:pharme:v:4:y:2014:i:1:p:25-43 is not listed on IDEAS

    More about this item


    Monetary policy - United States ; Deflation (Finance) - Japan ; Recessions ; Financial crises;

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • G01 - Financial Economics - - General - - - Financial Crises
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages


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