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Doubling your monetary base and surviving: some international experience

Author

Listed:
  • 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.

Suggested Citation

  • Richard G. Anderson & Charles S. Gascon & Yang Liu, 2010. "Doubling your monetary base and surviving: some international experience," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 481-506.
  • Handle: RePEc:fip:fedlrv:y:2010:i:nov:p:481-506:n:v.92no.6
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    References listed on IDEAS

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    1. Berentsen, Aleksander & Waller, Christopher J., 2013. "Price-level targeting and stabilization policy," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 145-164.
    2. Crowe, Christopher & Meade, Ellen E., 2008. "Central bank independence and transparency: Evolution and effectiveness," European Journal of Political Economy, Elsevier, vol. 24(4), pages 763-777, December.
    3. Shigenori Shiratsuka, 2010. "Size and Composition of the Central Bank Balance Sheet: Revisiting Japan fs Experience of the Quantitative Easing Policy," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 28, pages 79-106, November.
    4. Claudio Borio & Piti Disyatat, 2010. "Unconventional Monetary Policies: An Appraisal," Manchester School, University of Manchester, vol. 78(s1), pages 53-89, September.
    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 252-257, May.
    6. Richard G. Anderson, 2009. "Resolving a banking crisis, the Nordic way," Economic Synopses, Federal Reserve Bank of St. Louis.
    Full references (including those not matched with items on IDEAS)

    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Cashing up the system
      by JP Koning in Moneyness on 2015-01-02 08:20:00

    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. 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 1-13, June.
    3. Raphael Auer & Sébastien Kraenzlin, 2011. "International liquidity provision during the financial crisis: a view from Switzerland," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 409-418.
    4. Ahrendsen, Bruce L., 2012. "The Global Financial Crisis: Implications For Capital To Agribusiness," APSTRACT: Applied Studies in Agribusiness and Commerce, AGRIMBA, vol. 6.
    5. Wolfram Berger & Friedrich Kissmer, 2013. "Monetary Policy and Asset Prices: When Cleaning Up Hits the Zero Lower Bound," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 149(III), pages 291-312, September.
    6. Fawley, Brett W. & Neely, Christopher J., 2013. "Four stories of quantitative easing," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 51-88.
    7. Richard G. Anderson, 2012. "Quantitative easing the Swedish way," Economic Synopses, Federal Reserve Bank of St. Louis.

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