Quantitative Easing The Great Central Bank Experiment.

A thorough and perspicacious analysis of auantitative easing (QE), what has become a recovery method of last resort, that will be essential reading for anyone wanting to understand central banking's role in the national economy.

Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Ashworth, Jonathan
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Newcastle Upon Tyne : Agenda Publishing, 2020.
Colección:Finance Matters.
Temas:
Quantitative easing (Monetary policy)
Assouplissement quantitatif (Politique monétaire)
Acceso en línea:Texto completo
Tabla de Contenidos:
  • Cover
  • Half Title
  • Series Information
  • Title Page
  • Copyright Page
  • Contents
  • Preface
  • Abbreviation
  • Foreword
  • 1. Monetary policy-making since the end of Bretton Woods
  • A new framework for monetary policy: central bank independence and inflation targeting
  • Despite the greater focus on inflation, central banks had not become "inflation nutters"
  • The monetary policy decision-making process and central bank communication
  • The implementation of monetary policy changes
  • How the transmission mechanism of monetary policy works
  • Gauging the stance of monetary policy
  • 2. Key monetary policy trends and events in the decades before the Great Financial Crisis
  • Sharply falling interest rates during the Great Moderation
  • The onset of the ZLB in Japan amid its "lost decade"
  • The bursting of the IT bubble fuelled record low US rates
  • The Bank of Japan enacts "drastic" measures with QE
  • 3. The Great Financial Crisis and the onset of quantitative easing
  • Massive financial panic after the collapse of Lehman Brothers
  • Central bank interest rates hit record lows
  • The US and UK begin large-scale QE
  • The euro area did not initially enact QE
  • Draghi's strong words end the euro area crisis
  • The Bank of Japan's response to the financial crisis was modest
  • QE ends in the US and UK, but then restarts as recoveries slow
  • Japan unleashes a huge new QE programme amid "Abenomics"
  • Europe finally begins QE
  • 4. How quantitative easing works
  • Main channels through which QE works
  • US and UK QE differed from the initial Japanese experiment
  • Other channels in which QE is beneficial
  • QE may have some differing impacts across countries
  • QE has increasingly involved the purchase of riskier assets
  • QE is likely to have diminishing returns over time
  • 5. Measuring the effectiveness and impact of quantitative easing
  • Methods of estimating QE's impact
  • QE1 helped the US and UK economies avoid a worst-case scenario and begin to recover
  • Some observers were sceptical about the impact of QE1
  • Additional rounds of US and UK QE eased financial conditions further, with signs of diminishing returns
  • Japan's new QE experiment has had some success, but is struggling to generate sufficient inflation
  • ECB's OMT programme a major success, QE not quite so much
  • 6. International spillovers of quantitative easing
  • Large, but not necessarily excessive, capital flows to emerging markets during the latter rounds of QE
  • The "taper tantrum" increased concerns about the normalization of Fed policy, but it ultimately proceeded relatively smoothly
  • The verdict on international spillovers from US QE
  • EM policy-makers called for greater coordination and consideration of external spillovers
  • 7. Criticisms and negative externalities of quantitative easing
  • Some fears of an inflation surge
  • Inflation has remained below targets

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