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2018 | Vol. 25, No 3 | 51--65
Tytuł artykułu

An Estimate of the Impacts of the Bank of England's Quantitative Easing Programme on UK Economic Growth

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
This paper reviews the reasons for and impacts of quantitative easing by the Bank of England. It analyses the macroeconomic impacts of this policy tool on the UK economy across the period 2008-16. It compares the impacts of each round of quantitative easing to assess how the impacts changed over time. The authors implemented econometric analysis based on the VAR model. This analysis indicated that the Bank of England's monetary policy influenced GDP growth by a relatively small degree during the period studied. The impact of changes in the monetary base (M3) explained a bigger part of GDP growth than the decreases in interest rates and exchange rates. Over time the impact of this policy response diminished. (original abstract)
Rocznik
Strony
51--65
Opis fizyczny
Twórcy
  • Kazimierz Pułaski University of Technology and Humanities in Radom, Poland
autor
  • Writtle University College, United Kingdom
Bibliografia
  • Bank of England News Release (2017). Financial Policy Committee Statement from its policy meeting. 20 September 2017.
  • Borio, C., Zabai, A. (2016). Unconventional monetary policies: a re-appraisal. BIS Working Papers. No 570.
  • Chen, H., Cúrdia, A., Ferrero, A. (2012). The Macroeconomic Effects of Large-scale Asset Purchase Programmes. Economic Journal. 122(564). F289-F315.
  • Draghi, M. (2012). Speech by Mario Draghi. President of the European Central Bank at the Global Investment Conference in London 26 July 2012. Retrieved from https://www.ecb.europa.eu/press/key/date/2012/html/sp120726.en.html (access 10.11.2017).
  • Economist (2017). As the global economy picks up, inflation is oddly quiescent. Retrieved from https://www.economist.com/news/finance-and-economics/21730930-central-banks-are-beginning-raise-interest-rates-anyway-global (access 12.11.2017).
  • Economist (2017). The Bubble Without Any Fizz. Published on 07.10.2017. Retrieved from https://www.economist.com/news/briefing/21729988-low-interest-rates-have-made-more-or-less-all-investments-expensive-bubble-without-any-fizz?zid=295&ah=0bca374e65f2354d553956ea65f756e0 (access 11.11.2017).
  • Fischer, S (2015). Central Bank Independence. Speech at the 2015 Herbert Stein Memorial Lecture National Economists Club, Washington, D.C. Retrieved from https://www.federalreserve.gov/newsevents/speech/fischer20151104a.htm (access 06.11.2017).
  • Fuijiwara, I. (2006). Evaluating Monetary Policy and Nominal Interest Rates are Almost Zero. Journal of the Japanese and International Economy. Vol. 20. issue 3. September. 434-453.
  • Giannone, D., Lenza, M., Pill, H., Reichlin, L. (2012). The ECB and the Interbank Market. "Economic Journal". vol. 122(564). pp. F467-486.
  • Girardin, E., Moussa, Z. (2010). Quantitative easing Works: les sons from the unique experience in Japan 2001-2006. Retrieved from https://halshs.archies-ouvertes.fr/halshs-00459384 (access 10.05.2018).
  • Haldane, A. (2017). A Little More Conversation A Little Less Action. Bank of England Speeches. Retrieved from http://www.bankofengland.co.uk/publications/Documents/speeches/2017/speech971.pdf (access 29.10.2017).
  • Haldane, A., Roberts-Sklar, M., Wieladek, T., Young, C. (2016). Staff Working Paper No. 624. QE: the story so far. Bank of England.
  • Kapetanios, G., Mumtaz, H., Stevens, I., Theodoridis, K. (2012). Assessing the Economy-Wide Effects of Quantitative Easing. "Bank of England Working paper". No 443.
  • Keynes, J. M., (1930). London: The Nation & Athenæum, issues of December 20 and December 27 (First Edition).
  • ONS (2017). Statistical Bulletin: Household disposable income and inequality in the UK: financial year ending 2016.
  • Sławiński, A. (2014). Zmniejszenie się skuteczności polityki pieniężnej w wyniku recesji wywołanej kryzysem bankowym: Przypadek Japonii i strefy euro. Referat na Konferencję Katedr Finansów organizowaną przez Wydział Finansów Uniwersytetu Ekonomicznego w Krakowie, Krynica 22-24 września 2014.
  • Suhuc, J-G. (2016). The ECB's Asset Purchase Programme: A Model - Based evaluation. "Economic Letters" 145C. pp. 136-140.
  • Yardeni, E., Quintana, M. (2017). Global Economic Briefing: Central Bank Balance Sheets. Yardeni Research.
Typ dokumentu
Bibliografia
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Identyfikator YADDA
bwmeta1.element.ekon-element-000171526309

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