BoE's Miles finds market context decisive for QE impact

david-miles
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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