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

Andre Meier

No 2009/163, 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: WP; asset purchase; quantitative easing; private sector; government bond; commercial paper (search for similar items in EconPapers)
Pages: 47
Date: 2009-08-01
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Citations: View citations in EconPapers (98)

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