BoE’s Bailey explores future of balance sheet policy

Andrew Bailey
Andrew Bailey
Photo: Bank of England

Research co-authored by Bank of England governor Andrew Bailey starts to outline a framework for how central bank balance sheets could be used systematically to lean against the economic cycle.

Though some central banks have been using active balance sheet policies – notably quantitative easing (QE) – for decades, the past year has seen the policy become increasingly mainstream. Central banks in many advanced economies and some emerging markets turned to asset purchases to resist the impact of

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