Panacea, Curse, or Nonevent? Unconventional Monetary Policy in the United Kingdom

Meier, André

No 09/163, IMF Working Papers from International Monetary Fund

Abstract: The Bank of England's current "quantitative easing" strategy has given rise to a controversial debate about the effects and risks of unconventional monetary policy. The present paper makes two contributions to this debate. First, it provides a systematic overview of unconventional policy options, drawing from existing theoretical and empirical studies. Against this backdrop, it then analyzes the BoE's specific policies, discussing their effectiveness so far and putting them into a cross-country context. Tentative evidence on the BoE's quantitative easing is moderately encouraging, although the strategy is neither guaranteed to succeed nor as perilous as some of its detractors claim.

Keywords: Asset management; Bonds; Capital markets; Central bank policy; Credit controls; Credit risk; Cross country analysis; Financial risk; Inflation; Interest rate policy; Liquidity management; Monetary policy; Risk management; United Kingdom (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Date: 2009-08-05
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