Is quantitative easing good policy?
Agenda : a Journal of Policy Analysis and Reform
; 28(1):49-74, 2021.
Article
in English
| ProQuest Central | ID: covidwho-1660939
ABSTRACT
This paper asks whether the suite of unorthodox monetary policies (including quantitative easing, or QE) really make sense in the presence of a global liquidity trap. It finds that QE-type policies are an expedient remedy for short-term crisis management, but their ongoing and expanded use have distorted global markets and will have significant dynamic efficiency costs over the next decade. The alternative is for discretionary fiscal policy to play a bigger role in stabilisation, with monetary policy left to accommodate. Both policies should be operated by a single agency accountable to the electorate.
Business And Economics--Public Finance, Taxation; Monetary policy; Banking industry; Investments; Sovereign debt; Politics; Balance sheets; International finance; Central banks; Interest rates; Risk premiums; Cost control; Stagnation; Economic growth; Government bonds; Money markets; Financial services; Financial institutions; COVID-19; Collateral; Fiscal policy; United States--US; Australia; 52111:Monetary Authorities-Central Bank; 92113:Public Finance Activities
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Collection:
Databases of international organizations
Database:
ProQuest Central
Language:
English
Journal:
Agenda : a Journal of Policy Analysis and Reform
Year:
2021
Document Type:
Article
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