Four stories of quantitative easing

By Brett W. Fawley, Christopher J. Neely. 2013

364 citations recorded by the source corpus.

This article describes the circumstances of and motivations for the quantitative easing programs of the Federal Reserve, Bank of England, European Central Bank, and Bank of Japan during the recent financial crisis and recovery. The programs initially attempted to alleviate financial market distress, but this pur- pose soon broadened to include achieving inflation targets, stimulating the real economy, and containing the European sovereign debt crisis. The European Central Bank and Bank of Japan focused their programs on direct lending to banks—reflecting the bank-centric structure of their financial systems— while the Federal Reserve and the Bank of England expanded their respective monetary bases by purchasing bonds.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/333194d4bcb7199fbb3ad06663e9d0cff64329d0

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Citations in the corpus

Unconventional monetary policies: a re-appraisal (2018, methodology): “As an illustration, take the evolution of balance sheet policies (eg Fawley and Neely (2013)) (Table 3).”
International channels of the Fed’s unconventional monetary policy (2013, neutral): “structure estimates of Gagnon et al. (2011) appear to indicate that portfolio balance effects dominate, and these authors conclude that the signaling effects are negligible.”
On the International Spillovers of US Quantitative Easing (2018, neutral): “4 See Carlson, Haubrich, Cherny and Wakefiled (2009) for a detailed discussion, Fawley and Neely (2012) for an insightful comparison of different QE policies across advanced countries, and Bekaert et al. (2011) on how monetary policies may affect the transmission of shocks in equity markets.”
Beyond carbon pricing: the role of banking and monetary policy in financing the transition to a low-carbon economy (2015, background): “Additionally, global markets are currently characterised by the widespread desire for liquid, short-term assets, which is at odds with the illiquid, long-term features of typical green investments (Spencer and Stevenson 2013).”
Unconventional monetary policy and the spillovers to emerging markets (2016, background): “The announcement dates are taken from Fawley and Neely (2013).”