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Quantitative Easing and the Independence of the Bank of England

Author

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  • Allen, William A.

Abstract

This paper argues that the Bank of England's independence in monetary policy has been compromised as a result of quantitative easing (QE) and makes practical suggestions for restoring it as far as possible, by transferring the gilts that the Bank has bought to the Debt Management Office of the Treasury and thereby shrinking the Bank's balance sheet. The paper discusses the problems that will arise when QE is unwound and suggests that they would be less intractable if the unwinding were managed by the Debt Management Office.

Suggested Citation

  • Allen, William A., 2017. "Quantitative Easing and the Independence of the Bank of England," National Institute Economic Review, National Institute of Economic and Social Research, vol. 241, pages 65-69, August.
    • Handle: RePEc:cup:nierev:v:241:y:2017:i::p:r65-r69_15
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    Cited by:

    1. Goodhart, Charles, 2017. "A Central Bank’s optimal balance sheet size?," LSE Research Online Documents on Economics 84205, London School of Economics and Political Science, LSE Library.
    2. Goodhart, Charles, 2017. "A Central Bank’s Optimal Balance Sheet Size?," CEPR Discussion Papers 12272, C.E.P.R. Discussion Papers.
    3. William Allen, 2022. "Models of Central Banking and the Organisation of the Bank of England," National Institute of Economic and Social Research (NIESR) Policy Papers 38, National Institute of Economic and Social Research.

    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy

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