The onset of the financial crisis in 2008 brought an end to the ‘Great Stability' period, making prospects for UK and global economic growth appear not just weaker, but more uncertain. This elevated uncertainty is likely to have adversely affected spending decisions and contributed to the...

Since the advent of the financial crisis in 2007, and subsequent plunge of many advanced economies into recession during 2008, central banks have resorted to a number of less conventional policy stimuli. These have included outright purchases of government and private sector securities, reducing...

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...

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,...

We are now seven months into the Bank of England's unprecedented experiment with quantitative easing (QE). This paper sets out the transmission mechanism of QE, and examines what impact it has had on the UK economy so far