Quantitative Easing (QE) has seemingly been the (monetary) policy instrument of choice in advanced economies since the financial crisis and global recession broke. But the impact on capital markets remains highly contentious. This paper reviews evidence on the impact of QE so far, and considers...

Over the past half century, private equity has grown from a tiny part of the financial sector into a powerful industry, often controlling global brands. As the industry has grown, so too has academic interest in the sector. However, the vast majority of empirical research has focused on the...

Policy interest rates do not have to be short. The means by which monetary authorities influence prices and quantities can differ, but the obstacles to altering one rather than the other are not insuperable. Inflation is sluggish, and expectations of future interest rates — long and short,...

The choice and structure of a country's exchange rate regime has wide implications for the effectiveness and flexibility of monetary policy tools, as well as for economic and financial stability. We examine 21 instances where exchange rate pegs have been abandoned in the past, to gauge the...