BoE's Miles finds market context decisive for QE impact

David Miles

Central bank asset purchases have the potential to affect households' choices by changing the composition and return of their asset portfolios, but according to a discussion paper published today by the Bank of England (BoE), the effect is weak and its size depends on how fiscal policy is conducted.

"Across a fairly wide set of environments with different rules for the setting of interest rates and different ways in which fiscal policy is conducted, the impact of asset purchases working through

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