Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/57361 
Full metadata record
DC FieldValueLanguage
dc.contributor.authorLyonnet, Victoren
dc.contributor.authorWerner, Richard A.en
dc.date.accessioned2011-11-10-
dc.date.accessioned2012-04-20T17:09:22Z-
dc.date.available2012-04-20T17:09:22Z-
dc.date.issued2011-
dc.identifier.piurn:nbn:de:hebis:30:3-241110en
dc.identifier.urihttp://hdl.handle.net/10419/57361-
dc.description.abstractThis paper investigates the effectiveness of the quantitative easing policy, as implemented by the Bank of England in March 2009. Similar policies had been previously implemented in Japan, the U.S. and the Eurozone. The effectiveness is measured by the impact of Bank of England policies (including, but not limited to QE) on nominal GDP growth - the declared goal of the policy, according to the Bank of England. Unlike the majority of the literature on the topic, the general-to-specific econometric modeling methodology (a.k.a. the Hendry or LSE methodology) is employed for this purpose. The empirical analysis indicates that QE as defined and announced in March 2009 had no apparent effect on the UK economy. Meanwhile, it is found that a policy of quantitative easing defined in the original sense of the term (Werner, 1994) is supported by empirical evidence: a stable relationship between a lending aggregate (disaggregated M4 lending, i.e. bank credit for GDP transactions) and nominal GDP is found. The findings imply that BoE policy should more directly target the growth of bank credit for GDP-transactions.en
dc.language.isoengen
dc.publisher|aGoethe University Frankfurt, Center for Financial Studies (CFS) |cFrankfurt a. M.en
dc.relation.ispartofseries|aCFS Working Paper |x2011/29en
dc.subject.jelE41en
dc.subject.jelE52en
dc.subject.jelE58en
dc.subject.ddc330en
dc.subject.keywordCentral Bankingen
dc.subject.keywordGeneral-to-specific Methodologyen
dc.subject.keywordMonetary Policyen
dc.subject.keywordNominal GDP Growthen
dc.subject.keywordQuantitative Easingen
dc.subject.stwGeldpolitiken
dc.subject.stwGesamtwirtschaftliche Liquiditäten
dc.subject.stwWirkungsanalyseen
dc.subject.stwSozialprodukten
dc.subject.stwWirtschaftswachstumen
dc.subject.stwGroßbritannienen
dc.titleThe lessons from QE and other "unconventional" monetary policies: Evidence from the Bank of England-
dc.typeWorking Paperen
dc.identifier.ppn671921002en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cfswop:201129en

Files in This Item:
File
Size
475.85 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.