Quantitative Easing and Unconventional Monetary Policy – An Introduction

18 Pages Posted: 30 Oct 2012

See all articles by Michael Joyce

Michael Joyce

Bank of England - Monetary Analysis

David Miles

Imperial College Business School; The Bank of England; Centre for Economic Policy Research (CEPR); CESifo (Center for Economic Studies and Ifo Institute)

Andrew Scott

London School of Economics - Law Department

Dimitri Vayanos

London School of Economics; Center for Economic Policy Research (CEPR); National Bureau of Economic Research (NBER)

Date Written: November 2012

Abstract

This article assesses the impact of Quantitative Easing and other unconventional monetary policies followed by central banks in the wake of the financial crisis that began in 2007. We consider the implications of theoretical models for the effectiveness of asset purchases and look at the evidence from a range of empirical studies. We also provide an overview of the contributions of the other articles in this Feature.

Suggested Citation

Joyce, Michael and Miles, David Kenneth and Scott, Andrew and Vayanos, Dimitri, Quantitative Easing and Unconventional Monetary Policy – An Introduction (November 2012). The Economic Journal, Vol. 122, Issue 564, pp. F271-F288, 2012. Available at SSRN: https://ssrn.com/abstract=2168581 or http://dx.doi.org/10.1111/j.1468-0297.2012.02551.x

Michael Joyce

Bank of England - Monetary Analysis ( email )

Threadneedle Street
London EC2R 8AH
United Kingdom
44 (0)207 601 4444 (Phone)

HOME PAGE: http://www.bankofengland.co.uk

David Kenneth Miles

Imperial College Business School ( email )

South Kensington Campus
Exhibition Road
London SW7 2AZ, SW7 2AZ
United Kingdom

The Bank of England ( email )

Threadneedle Street
London EC2R 8AH
United Kingdom

Centre for Economic Policy Research (CEPR)

London
United Kingdom

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

Andrew Scott

London School of Economics - Law Department ( email )

Dimitri Vayanos

London School of Economics ( email )

A350
Houghton Street
London WC2A 2AE
United Kingdom
+44 (0)20 7955 6382 (Phone)
+44 (0)20 7955 7420 (Fax)

Center for Economic Policy Research (CEPR)

London
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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