Quantitative easing
Fed research asserts ‘potency’ of quantitative easing
Working paper finds large-scale asset purchases by the Federal Reserve equivalent to a cut in the Federal funds rate of more than 3%; estimates are higher than previous studies
BoJ boosts easing amid mounting political pressure
Policy board votes to increase asset purchases by ¥10 trillion ($119 billion); close proximity to election raises questions of political influence in decision
CB.com poll reveals concerns over inflationary impact of QE
Majority of participants believe extraordinary monetary policy measures will cause central banks to overshoot inflation targets
Fed to extend QE by $45bn per month
Federal Reserve gives equity markets a lift by unveiling an additional $45 billion of quantitative easing; adopts numerical thresholds
QE ‘relief’ no substitute for deleveraging, says HKMA’s Chan
HKMA chief executive warns asset price growth must be supported by structural developments
Central bank policies fuel asset price rise, says BIS
BIS quarterly review says monetary easing is helping to push investors into riskier assets despite a weakening global outlook.
Fed’s Stein highlights benefits of mortgage-backed QE
Jeremy Stein says purchasing mortgage-backed securities provides a greater "kick" for corporate investment than Treasury securities
Bank of England MPC unanimously rejects QE
Minutes from the Monetary Policy Committee’s meeting show debate about the potential effects of further asset purchases; unanimous vote to maintain programme level and hold interest rate
Central bank gold purchases slow in third quarter
Growth of net central bank gold holdings in third quarter remains positive but decelerates compared with similar period in 2011; year-to-date holdings up 9%
Fed could extend asset purchases, minutes show
Some FOMC members say additional asset purchases likely to be needed next year to generate sustained improvement in labour market
Bank of England surrenders windfall QE profits
An estimated £35 billion ($55.7 billion) will be handed over to the UK Exchequer during the next two years
Europe more fiscally balanced than US, Japan and UK, says Draghi
ECB president says euro area has made ‘amazing’ progress with fiscal consolidation
BoJ paper evaluates zero interest rates in 1990s
Bank of Japan study considers the impact of zero interest rates and quantitative easing during the 1990s; says it had expansionary effects
BoE’s Bean sceptical of ‘helicopter money’; scotches calls to ‘cancel’ gilts
The Bank of England has received criticism for quantitative easing failing to normalise economic growth. But deputy governor Charlie Bean says some alternatives look even less attractive
Fed’s QE2 will have ‘modest impact’, says San Francisco paper
Research by the Federal Reserve Bank of San Francisco estimates the second round of Fed quantitative easing will have only a small effect on GDP growth and inflation
Further QE discussed in BoE minutes
UK central bank’s Monetary Policy Committee minutes show further quantitative easing debated even though members voted unanimously to keep asset purchasing at current level
Fed’s Dudley says FOMC policy actions were justified
New York Fed president William Dudley defends asset purchases from critics. But market response to QE remains muted
Bernanke plays down emerging market impact of QE
Fed chairman says negative impact of quantitative easing on emerging markets is offset by a stronger US economy. But countries such as Brazil have had to take action to protect their currencies
Bernanke defends Fed’s loose monetary policy
Ben Bernanke says Federal Reserve’s accommodative stance, including a third round of quantitative easing, is justified; denies Fed is encouraging poor fiscal policy-making
Research warns of global liquidity trap
Smithers & Co report says quantitative easing unlikely to boost demand due to worldwide liquidity trap; calls for fiscal stimulus but says such action is not expected
King defends record in first live interview
Bank of England governor justifies missed inflation targets, redistributive impact of quantitative easing and design of banking regulation in first live extended television interview
Robert Pringle’s Viewpoint: Central bankers gamble for high stakes
The world’s major central banks have made high-stakes bets in a bid to stabilise economies. But their efforts may do little to promote confidence in the longer-term future of monetary management
ECB’s Cœuré justifies use of non-standard policy measures
Benoît Cœuré explains threat to the interest rate channel created need for alternative monetary policy measures; says outright monetary transactions aim to restore ‘monetary dominance’
BoJ expands asset purchase programme
Japanese policy board votes to increase purchases of government bonds and treasury bills; Bank of Mauritius governor highlights risk to central bank reserves from further asset purchases