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Doubling your monetary base and surviving: some international experience

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

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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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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  1. 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.
  2. Claudio Borio & Piti Disyatat, 2009. "Unconventional monetary policies: an appraisal," BIS Working Papers 292, Bank for International Settlements.
  3. Christopher Crowe & Ellen E. Meade, 2007. "Central Bank Independence and Transparency: Evolution and Effectiveness," Working Papers 2007-20, American University, Department of Economics.
  4. 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.
  5. 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.
  6. Richard G. Anderson, 2009. "Resolving a banking crisis, the Nordic way," Economic Synopses, Federal Reserve Bank of St. Louis.
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