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    • Publication date:
      20 December 2023
      16 July 2020
      ISBN:
      9781788212236
      9781788212212
      9781788212229
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    Book description

    Before the Great Financial Crisis of 2008-09, significant reductions in official interest rates typically proved sufficient to generate sustainable economic recoveries from downturns. However, with economies and financial markets in freefall during the crisis despite a cut in interest rates to effectively zero, policymakers in some advanced economies launched a major new tool called quantitative easing (QE). This involved central banks purchasing huge amounts of financial assets.

    This book offers a thorough and perspicacious analysis of QE, which has become a recovery method of last resort. Whilst it was successful in averting another Great Depression and stimulating growth, it remains controversial and continues to promote widespread debate in economics, financial, and political-economy circles. This book is essential reading for anyone wishing to understand central banking in the national economy.

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    Contents

    • Frontmatter
      pp i-iv
    • Contents
      pp v-vi
    • Preface and acknowledgements
      pp vii-xii
    • Abbreviations
      pp xiii-xiv
    • Foreword
      pp xv-xvi
    • 1 - Monetary policy-making since the end of Bretton Woods
      pp 1-16
    • 2 - Key monetary policy trends and events in the decades before the Great Financial Crisis
      pp 17-30
    • 3 - The Great Financial Crisis and the onset of quantitative easing
      pp 31-54
    • 4 - How quantitative easing works
      pp 55-68
    • 5 - Measuring the effectiveness and impact of quantitative easing
      pp 69-92
    • 6 - International spillovers of quantitative easing
      pp 93-110
    • 7 - Criticisms and negative externalities of quantitative easing
      pp 111-134
    • 8 - Exiting quantitative easing and policies for the next slowdown
      pp 135-146
    • Conclusion
      pp 147-149
    • Notes
      pp 150-158
    • References
      pp 159-172
    • Index
      pp 173-176

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