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Quantitative Easing: Evaluating QE’s Impact

In: Economics Gone Astray

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  • Blu Putnam

Abstract

After the 2008 financial panic, central banks in the US, UK, Europe and Japan experimented with the aggressive use of their balance sheets to stabilize their financial markets and encourage a return to higher rates of economic activity. These activities have become known as quantitative easing or QE. This research focuses mostly on balance sheet activities employed by the US Federal Reserve (Fed), and distinguishes between the initial round of quantitative easing (QE1) in late 2008 with later rounds of balance sheet activity to purchase more US Treasury securities or mortgage-backed securities (QE2 & QE3) and to adopt the maturity extension program (i.e., Operation Twist). With respect to certain ideas presented here, in a few cases we also consider European Central Bank (ECB) activities that were relevant to the discussion. [See Chapter 15 for an in-depth comparison of the effectiveness of the Fed’s QE programs versus the approach utilized by the ECB.]…

Suggested Citation

  • Blu Putnam, 2019. "Quantitative Easing: Evaluating QE’s Impact," World Scientific Book Chapters, in: Economics Gone Astray, chapter 14, pages 171-195, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781944659592_0014
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    More about this item

    Keywords

    Economics; Macroeconomics; Monetary Policy; Fiscal Policy; Inflation; Risk Management; Federal Reserve; Quantitative Easing; Taylor Rule;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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