Quantitative Easing: How Well Does This Tool Work?

Stephen Williamson

The Regional Economist, 2017, vol. 25, issue 3

Abstract: Evaluating the effects of monetary policy is difficult, even in the case of conventional interest rate policy. With unconventional monetary policy, the difficulty is magnified, as the economic theory can be lacking, and there is a small amount of data available for empirical evaluation. With respect to QE, there are good reasons to be skeptical that it works as advertised, and some economists have made a good case that QE is actually detrimental.

Date: 2017
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