When Quantitative Tightening Is Not Quantitative Tightening: a presentation at the 2019 U.S. Monetary Policy Forum, The Future of the Federal Reserve’s Balance Sheet, New York, N.Y

James Bullard

No 330, Speech from Federal Reserve Bank of St. Louis

Abstract: Speaking at the 2019 U.S. Monetary Policy Forum in New York, St. Louis Fed President James Bullard made the argument for why the Fed?s balance sheet policy may be less important today than it was during the period when quantitative easing was most effective. Bullard suggested that ?it is indeed possible to view quantitative easing as having an important influence on the macroeconomy and simultaneously view the macroeconomic effects of unwinding the balance sheet as relatively minor.? This may be one reason why the Federal Open Market Committee?s balance sheet reduction policy beginning in the fall of 2017 ?seemed to have only minor effects in financial markets,? he said.

Pages: 21 pages
Date: 2019-02-22
New Economics Papers: this item is included in nep-mac
Note: Related article in the St. Louis Fed On the Economy blog, March 7, 2019.
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://www.stlouisfed.org/~/media/files/pdfs/bull ... 22_february_2019.pdf Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedlps:330

Ordering information: This working paper can be ordered from

Access Statistics for this paper

More papers in Speech from Federal Reserve Bank of St. Louis Contact information at EDIRC.
Bibliographic data for series maintained by Scott St. Louis ().