Quantitative Easing: The Great Central Bank Experiment

Jonathan Ashworth

doi:10.1017/9781788212236

Quantitative Easing

The Great Central Bank Experiment

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Chesini, Giusy and Fauri, Francesca 2024. From one crisis to another: the European central bank’s role from the great recession to the Ukraine war. Constitutional Political Economy,

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Jonathan Ashworth

Publisher:: Agenda Publishing
Online publication date:: December 2023
Print publication year:: 2020
Online ISBN:: 9781788212236
DOI:: https://doi.org/10.1017/9781788212236

Subjects:: Economics, Economic Theory
Series:: Finance Matters

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Before the Great Financial Crisis of 2008-09, significant reductions in official interest rates typically proved sufficient to generate sustainable economic recoveries from downturns. However, with economies and financial markets in freefall during the crisis despite a cut in interest rates to effectively zero, policymakers in some advanced economies launched a major new tool called quantitative easing (QE). This involved central banks purchasing huge amounts of financial assets.

This book offers a thorough and perspicacious analysis of QE, which has become a recovery method of last resort. Whilst it was successful in averting another Great Depression and stimulating growth, it remains controversial and continues to promote widespread debate in economics, financial, and political-economy circles. This book is essential reading for anyone wishing to understand central banking in the national economy.

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Quantitative Easing

The Great Central Bank Experiment

This Book has been cited by the following publications. This list is generated based on data provided by Crossref.

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Contents

Frontmatter
pp i-iv

Contents
pp v-vi

Preface and acknowledgements
pp vii-xii

Abbreviations
pp xiii-xiv

Foreword
pp xv-xvi

1 - Monetary policy-making since the end of Bretton Woods
pp 1-16

2 - Key monetary policy trends and events in the decades before the Great Financial Crisis
pp 17-30

3 - The Great Financial Crisis and the onset of quantitative easing
pp 31-54

4 - How quantitative easing works
pp 55-68

5 - Measuring the effectiveness and impact of quantitative easing
pp 69-92

6 - International spillovers of quantitative easing
pp 93-110

7 - Criticisms and negative externalities of quantitative easing
pp 111-134

8 - Exiting quantitative easing and policies for the next slowdown
pp 135-146

Conclusion
pp 147-149

Notes
pp 150-158

References
pp 159-172

Index
pp 173-176

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Quantitative Easing

The Great Central Bank Experiment

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