Book contents
- Frontmatter
- Contents
- Figures
- Tables
- Contributors
- 1 New instruments of monetary policy
- 2 Liquidity and monetary policy
- 3 Interest rate policies and stability of banking systems
- 4 Handling liquidity shocks
- 5 Asset purchase policies and portfolio balance effects
- 6 Financial intermediaries in an estimated DSGE model for the UK
- 7 Central bank balance sheets and long-term forward rates
- 8 Non-standard monetary policy measures and monetary developments
- 9 QE – one year on
- 10 What saved the banks
- 11 Non-conventional monetary policies
- Index
- References
9 - QE – one year on
Published online by Cambridge University Press: 05 November 2011
By
Book contents
- Frontmatter
- Contents
- Figures
- Tables
- Contributors
- 1 New instruments of monetary policy
- 2 Liquidity and monetary policy
- 3 Interest rate policies and stability of banking systems
- 4 Handling liquidity shocks
- 5 Asset purchase policies and portfolio balance effects
- 6 Financial intermediaries in an estimated DSGE model for the UK
- 7 Central bank balance sheets and long-term forward rates
- 8 Non-standard monetary policy measures and monetary developments
- 9 QE – one year on
- 10 What saved the banks
- 11 Non-conventional monetary policies
- Index
- References
Summary
Introduction
This has been a truly extraordinary year for our economy and for economic policy.
A year ago – almost to this very day – the Monetary Policy Committee conducted its first gilt auction as part of its asset purchase programme, or its policy of quantitative easing as it became known. The need for policy action was clear. The three months to March 2009 are estimated to have seen the sharpest quarterly contraction in GDP since comparable records began in the 1950s. Manufacturing output was contracting at an annualised rate of close to 20 per cent. Claimant count unemployment was rising at the fastest rate on record.
- Type
- Chapter
- Information
- Interest Rates, Prices and LiquidityLessons from the Financial Crisis, pp. 222 - 232Publisher: Cambridge University PressPrint publication year: 2011
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