Time to stop handing out the pills: the great QE detox

The Bank of England at night
The Bank of England

The invention and then innovation of quantitative easing (QE) has been a response to financial crises, first in Japan and then across the advanced economies of the world. As policy rates moved towards their effective lower bound, an alternate way of influencing monetary and financial conditions needed to be adopted.

The contemporaneous issuance of large quantities of government debt gave central banks the chance to influence the price of this larger pool of assets by draining the market of some

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