Lessons from the U.S. Experience with Quantitative Easing

Eric S. Rosengren

Chapter 4 in Innovative Federal Reserve Policies During the Great Financial Crisis, 2018, pp 125-142 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The expansion of the Federal Reserve’s balance sheet ended with the completion of the tapering process last October, but we still are a long way from normalizing either short-term interest rates or our balance sheet. As a result, it may be some time before a full assessment of the effects of our quantitative easing policies can be made, since a full evaluation will require a successful return to a normalized monetary policy. Nonetheless, I think it is quite possible and appropriate at this point to consider which design features of the Federal Reserve’s asset-purchase program were effective, and which were less successful, in achieving our monetary policy goals…

Keywords: Monetary Policy; Financial History; United States of America; Federal Reserve; Housing; Macroprudential Regulation; Quantitative Easing; Financial-Stability Tool; Recession; Financial Crisis (search for similar items in EconPapers)
JEL-codes: G01 (search for similar items in EconPapers)
Date: 2018
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