Quantitative tightening: missed opportunities

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This article was first drafted well before the dramatic crisis in the UK’s bond market forced the Bank of England into open-ended support of the bond market. Beyond the immediate specific UK context, there is one big lesson from this crisis: central banks and Treasuries share an urgent and joint responsibility for taking action when markets are calm to reduce the dependence of the government finances on monetary policies.

A decade of repeated doses of quantitative easing (QE), credit easing

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