Quantitative easing
Bank of England – Asset Purchase Facility Annual Report (2009/10)
Asset Purchase Facility Annual Report shows Bank £1.75 billion down on back of decline in value of gilt stock
Fed’s response averted a depression: Blinder
A paper co-authored by former Federal Reserve governor Alan Blinder says the central bank’s extraordinary polices prevented the country from entering a second Great Depression
King stresses wait-and-see approach to rate-setting
Bank of England governor Mervyn King dismisses suggestions that one or another view dominates rate-setting committee; deputy Charles Bean reiterates question marks over effects of quantitative easing
Quantitative easing doesn’t work: Woodford
National Bureau of Economic Research paper co-authored by Michael Woodford says quantitative easing has little impact, but credit easing does occasionally when targeting specific assets
Former MPC member Blanchflower unconvinced by Bank’s QE paper
Former Bank of England Monetary Policy Committee member David Blanchflower highlights large errors in results used to explain impact of QE programme
Bernanke says central bank independence essential during periods of QE
Federal Reserve Chairman Ben Bernanke says central bank must retain independence during periods of unconventional policy
Eurozone crisis weighs on Swiss exit plans: SNB's Jordan
Swiss National Bank deputy head Thomas Jordan says normalisation of monetary policy hampered by eurozone debt crisis
IMF: allowing assets to run to maturity best exit strategy
IMF study on Japan’s experience of quantitative easing shows best exit strategy is to allow asset purchases to run to maturity
Bank reports on impact of quantitative easing
Bank of England asset purchase report shows bank held gilts purchase steady in early 2010 despite marginal sale in corporate bonds
British bonds rest on “a bed of nitroglycerine”: Pimco chief
Head of biggest bond fund sees investors penalising gilts as British attachment to quantitative easing stirs worry that government seeks to inflate debt away
$500 billion reserve drain made crisis worse: IMF’s Ferhani
Deputy director says IMF research shows central bank reserve managers withdrew $500 billion from deposits at commercial banks during crisis
The bitter divide on inflation targeting
Economists are split over a recent suggestion that central banks should raise their inflation targets to allow more room for cuts in crises
BoJ study: low rates not enough
Bank of Japan study shows that low interest rate commitment was insufficient in stimulating growth
Bank’s Dale: QE a success
Spencer Dale discusses the merits of quantitative easing and its impact on the wider economy in the past year
Malaysia hikes as recession ends in emerging Asia
Bank Negara Malaysia raises its key rate by a quarter percentage point, citing stronger than forecast growth results in emerging Asia
Nigeria slashes deposit rate to ease lending
Central Bank of Nigeria knocks 100 bps off deposit rate and extends quantitative easing programme to promote lending to the real sector
MPC’s Miles leaps to the defence of QE
Rate-setting committee’s external member David Miles says the Bank’s asset purchase programme has shored up the private sector despite focus on gilt purchases
King on QE: we’ve filled a hole
Bank of England governor says pumping £200 billion into economy averted “very serious contraction” in money supply; flags concerns over eurozone’s stuttering recovery
Bank had different objectives with corporate bond purchases: Fisher
Bank of England’s executive director for markets Paul Fisher says the central bank’s asset purchase facility has achieved what it set out to do
Bank chief economist Dale reappointed
Second term as rate-setter for hawkish executive director Spencer Dale, external member Kate Barker to leave at the end of her current term
Argument for QE hold “finely balanced”: Bank
Bank of England’s Monetary Policy Committee all backed decision to pause on QE, but for some vote a close call
Triple A rating “ours to lose”: King
Bank of England’s Mervyn King says downgrade unlikely given Britain’s strong track record and maturity of government bonds
Bank holds rates, halts asset purchases
Bank’s rate-setters stand pat, pointing to a clash of pressures between inflation and anaemic growth; ex-MPC members concur
Fed is best in crisis, says British think-tank
The Federal Reserve’s credit easing operations have fostered a quicker recovery than in the UK and eurozone, research finds