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,...

Central banks around the world have moved to cut interest rates to record lows, with many in advanced economies going further and embracing full quantitative easing - creating new money to inject into the economy. This paper examines why quantitative easing has been necessary, and whether it is...