Liquidity dependence may hamper QE exit

dollar tap

At the Federal Reserve Bank of Kansas City’s Jackson Hole Economic Symposium in late August, I offered a perspective on ‘reassessing constraints on policy’, the theme of the second day at the conference. Based on joint work with Rahul Chauhan, Raghuram Rajan and Sascha Steffen, I spoke on the issue of quantitative easing and tightening using the lens of our article, Liquidity dependence: why shrinking central bank balance sheets is an uphill task.

Central bank reserves are the most liquid

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