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Policymakers have employed various new tools in response to the Global Crisis to revitalise economic performance. This new eBook brings together key Vox columns to reveal the evolution of the economic profession’s thinking about one such tool – quantitative easing.
Contents:
+ Introduction - Wouter J. Den Haan
Part I: The economics behind quantitative easing
1 The new global balance – Part II: Higher rates rather than weaker dollar in 2010 - Eduardo Levy Yeyati, Piero Ghezzi and Christian Broda
2 The economic impact of QE: Lessons from the UK - Michael A S Joyce, Matthew R Tong and Robert Woods
3 Using changes in auction maturity sectors to help identify the impact of QE on gilt yields - Ryan Banerjee, Sebastiano Daros, David Latto and Nick McLaren
4 What are the macroeconomic effects of asset purchases? -
Martin Weale and Tomasz Wieladek
5 The impact of the maturity of US government debt on forward rates and the term premium: New results from old data - Jagjit Chadha
6 Quantifying the macroeconomic effects of large-scale asset purchases - Karl Walentin
7 Institutional investor investment behaviour during the Crisis and the portfolio balance effect of QE - Michael A S Joyce, Zhuoshi Liu and Ian Tonks
8 Identifying and quantifying monetary policy transmission through bank balance sheets - Kaoru Hosono and Daisuke Miyakawa
9 New thinking on the transmission of QE to long-term yields - Jens Christensen and Signe Krogstrup
Part II: Risks and criticisms
10 Lost in transmission - Heleen Mees
11 QED: QE3 - Marco Annunziata
12 Unconventional monetary policies revisited (Part I) - Biagio Bossone
13 Unconventional monetary policies revisited (Part II)
Biagio Bossone -
14 Why is euro inflation so low? - Jean-Pierre Landau
15 Deflation, debt, and economic stimulus - Richard Wood
16 Fiscal dimensions of central banking: The fiscal vacuum at the heart of the Eurosystem and the fiscal abuse by and of the Fed: Part 2 - Willem Buiter
17 Fiscal dimensions of central banking: the fiscal vacuum at the heart of the Eurosystem and the fiscal abuse by and of the Fed: Part 4 - Willem Buiter
18 Quantitative easing: Who’s backing currency? - Pierpaolo Benigno and Salvatore Nisticò
Part III: Quantitative easing in the Eurozone
19 Considering QE, Mario? Buy US bonds, not Eurobonds - Jeffrey Frankel
20 Combatting Eurozone deflation: QE for the people - John Muellbauer
21 ECB: An appropriate monetary policy - Mickey Levy
22 Is the ECB doing QE? - Charles Wyplosz
23 QE, ‘European style’: Be bold but parsimonious - Urszula Szczerbowicz and Natacha Valla
24 Quantitative easing in the Eurozone: It’s possible without fiscal transfers - Paul De Grauwe and Yuemei Ji
25 The ECB’s QE decision - Marco Annunziata
26 Effective Eurozone QE: Size matters more than risk-sharing - Francesco Giavazzi and Guido Tabellini
27 Risk-sharing and the effectiveness of the ECB’s quantitative easing programme - Angus Armstrong, Francesco Caselli, Jagjit Chadha and Wouter den Haan
Part IV: Exit from quantitative easing
28 Unwinding quantitative easing - Stephen Grenville
29 Unconventional monetary policy normalisation and emerging-market capital flows - Andrew Burns, Mizuho Kida, Jamus Lim, Sanket Mohapatra, and Marc Stocker
30 How inertial is monetary policy? Implications for the Fed’s exit strategy - Yuriy Gorodnichenko and Olivier Coibion
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