Kapetanios, George; Mumtaz, Haroon; Stevens, Ibrahim; … - Bank of England - 2012
This paper examines the macroeconomic impact of the first round of quantitative easing (QE) by the Bank of England … which started in March 2009. Although Bank Rate, the UK policy rate, was reduced to ½%, effectively its lower bound, the … Bank’s Monetary Policy Committee felt that additional measures were necessary to meet the inflation target in the medium …