We found a match
Your institution may have rights to this item. Sign in to continue.
- Title
Assessing the Economy-wide Effects of Quantitative Easing*.
- Authors
Kapetanios, George; Mumtaz, Haroon; Stevens, Ibrahim; Theodoridis, Konstantinos
- Abstract
This article examines the macroeconomic impact of the first round of quantitative easing (QE) by the Bank of England. We attempt to quantify the effects of these purchases by focusing on the impact of lower long-term interest rates on the wider economy. We use three different models to estimate the impact of QE on output and inflation: a large Bayesian vector autoregression (VAR), a change-point structural VAR and a time-varying parameter VAR. Our estimates suggest that QE may have had a peak effect on the level of real GDP of around and a peak effect on annual CPI inflation of about % points.
- Subjects
UNITED Kingdom; QUANTITATIVE easing (Monetary policy); BANK of England; GLOBAL Financial Crisis, 2008-2009; REGRESSION analysis; INTEREST rates; PRIME rate; ECONOMIC conditions in Great Britain, 1997-; BRITISH economic policy, 2010-
- Publication
Economic Journal, 2012, Vol 122, Issue 564, pF316
- ISSN
0013-0133
- Publication type
Article
- DOI
10.1111/j.1468-0297.2012.02555.x