quantitative easing

When the Money Runs Out: The End of Western Affluence

by Stephen D. King  · 17 Jun 2013  · 324pp  · 90,253 words

promise a return to prosperity sooner rather than later. All the while, however, levels of economic activity remain surprisingly muted. Interest rate cuts, fiscal stimulus, quantitative easing and exhortation have all been used to kick-start economic activity, all seemingly to no avail. There is no quick fix. And policies designed to

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Knowing this, the natural response by households and companies is to hang on to the money they've got, stuffing it under the proverbial mattress. Quantitative easing is designed to overcome the perceived shortage by directly injecting money into the economy at large, without having to go through the banking system. If

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off, companies' borrowing costs drop and, thus, spending begins to revive: if we all believe this, a rate cut can become a self-fulfilling event. Quantitative easing, unfortunately, doesn't offer the same intuitive message: for many, it sounds distinctly suspect, has no personal relevance and, thus, makes little difference to economic

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behaviour. And with economic performance far worse than the protagonists of quantitative easing expected, the credibility of such esoteric measures has steadily withered on the vine. One reason for increased scepticism relates to the impact of lower long

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remain dependent on bank lending have, however, derived little or no benefit.7 The same arguments apply to households. By lowering long-term interest rates, quantitative easing should, in theory, boost the value of government bond portfolios (the price of bonds goes up) as well as the value of other, riskier,

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that capital will increasingly be at risk of being misallocated as a result of mispricing within financial markets, undermining long-term growth prospects. Most obviously, quantitative easing has allowed governments to avoid being penalized by the so-called bond market vigilantes. We have ended up with both incredibly low interest rates and

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the world a much happier place. The financial crisis has destroyed this separation of monetary church from state. By altering the yield on government debt, quantitative easing has, in effect, brought governments and central banks back together again. As a result, policy incentives have begun to change and, once again, central

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. They can engage in ‘financial repression’, siphoning funds to themselves that might otherwise have gone to, for example, small and medium-sized companies.10 Quantitative easing provides one mechanism to allow them to do so. To be fair, this was not the intention. As I've already argued, the idea was

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to kick-start economic growth via quantitative easing, creating a virtuous circle of rising activity, higher tax revenues, falling social expenditures, reduced budget deficits and, hence, stable – or, even better, falling – levels

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demand and credit and that, with the appropriate monetary medicine, the economy would return to some kind of normality. The medicine, however, hasn't worked. Quantitative easing has delivered little in the way of normality. It has, instead, contributed to what might best be described as four ‘traps’: the fiscal trap, the

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exchange rate trap, the ‘zombie’ trap and the regulatory trap. The Fiscal Trap The failure of quantitative easing to deliver recovery has, naturally enough, left investors feeling underwhelmed. One consequence of this has been a lack of economic risk-taking: profits may be

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up investing in what they regard as ‘safe’ assets less likely to fall in value. For the most part, that's been government bonds. Admittedly, quantitative easing has delivered the occasional temporary shot in the arm for riskier financial assets – most obviously, equities. It hasn't, however, led to the broader economic

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recovery that might have sustained such initial gains. Each time equity markets have rallied – as investors anticipate the positive effects of quantitative easing on the broader economy – they have subsequently stalled in the light of persistent economic gloom. At the same time, already large budget deficits have,

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rise as a share of national income. Whereas, in normal economic circumstances, governments might be penalized for such profligacy via a higher cost of borrowing, quantitative easing prevents that from happening. The government knows the central bank will not want to see higher interest rates – that might hinder recovery – but, in

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on the US Treasury Department's fiscal plans, yields were a full percentage point lower. Alongside the effects on risk appetite of the eurozone crisis, quantitative easing had worked its magic. In effect, central banks are underwriting government debt, whether or not the public finances are in a healthy state. Investors know

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Treasuries and gilts. The Exchange Rate Trap While central bankers may have no intention of creating excessive inflation, arguing that, with plenty of spare capacity, quantitative easing will have a bigger impact on output than on prices, they may be more relaxed regarding the exchange rate. Continuous printing of money, other things

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domestic income. A falling exchange rate leads to higher import prices and hence reduces a county's purchasing power over internationally produced goods and services. Quantitative easing that fails to bring stagnation to an end simply leaves a nation worse off. The more it's used, the more incomes will be

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unexpected impact of a sudden fall in demand, have been kept on life support thanks to the remarkable amount of policy stimulus – low interest rates, quantitative easing – on offer since the onset of the financial crisis. Their survival, in turn, may have reduced the profitability and income of more efficient companies and

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dynamic parts of the economy. The growth rate of the economy inevitably atrophies: surviving is not the same thing as thriving.12 The Regulatory Trap Quantitative easing provides one way for governments to jump to the front of the credit queue. It is not, however, the only way. Regulations designed to

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divert funds into the hands of government. Again, the intention may never have been there initially, but that, however, is not really the point. Like quantitative easing, regulation can trigger the law of unintended consequences. The Basel III regulations provide a good example. Even with the revisions announced on 6 January 2013

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from creditors whether or not their fiscal plans are sustainable. Governments have jumped to the front of the credit queue. THE CONSEQUENCES OF QUEUE JUMPING Quantitative easing and enhanced liquidity buffers for banks in effect work in opposite directions. Together, they offer a ‘push-me-pull-you’ approach to the financial

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only lead a horse to water. Yet this ‘push-me-pull-you’ problem pales into insignificance compared with the long-term implications of addiction to quantitative easing combined with persistently high government borrowing and ever higher levels of government debt. The ‘subsidy’ received by government – reflecting the underwriting of the value

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from other parts of the economy. One obvious implication of this is a widening spread between the low interest rates paid by governments benefiting from quantitative easing and the higher interest rates paid by other would-be borrowers. Households in both the US and the UK ended up paying much higher

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shockingly high. International investors were happier to flock to the ‘underwritten’ bonds of the US and the UK, notwithstanding possible long-term currency risk. If quantitative easing fails to deliver a lasting recovery in economic activity, it shifts from being part of the solution to becoming part of the problem. It provides

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influence on the level of economic activity and more on its distribution. Central bankers are, slowly but surely, being dragged into the world of politics. Quantitative easing and other associated macroeconomic ‘quick fixes’ are, it turns out, proving to be not much more than mechanisms to redistribute income and wealth, even though

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is a breach of trust. Savers, meanwhile, must be wondering whether the day will ever arrive when interest rates return to more normal levels. If quantitative easing fails to stimulate economic recovery and, instead, ends up simply as an addictive economic painkiller, its side-effects will eventually dominate the headlines. The creation

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To understand these issues, we need a bit of history. CHAPTER FIVE THE LIMITS TO STIMULUS Lessons from History Whether through interest rate cuts or quantitative easing, monetary decisions create both winners and losers. In the normal course of events, these decisions even out over time. Savers win during periods of high

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interest rates, while borrowers gain during periods of low interest rates. Even if quantitative easing makes it easier for governments to borrow in the near term, success should ultimately allow private sector activity to recover, thereby raising tax revenues, reducing

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the dosage of policy drugs should be increased, not so much through extra monetary stimulus alone but, instead, through additional government borrowing funded through more quantitative easing, thus invoking the spirit of both Roosevelt and Keynes. Paul Krugman, the Nobel Prize-winning economist, argues precisely this in his End This Depression Now

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argue that deficits could be increased by a further 7 percentage points of national income, as Roosevelt managed during his first term in office: with quantitative easing, there probably wouldn't be a bond market crisis but there could easily be a dollar crisis instead. Public spending in the US is

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dollar fall in value. That, in turn, implies that debtor countries will increasingly have no choice other than to ‘sell the family silver’. Even as quantitative easing operations encourage risk-averse domestic investors to hold more government bonds – their value ring-fenced by the actions of central banks – so foreign investors will

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rejection of bimetallism: the dollar and euro might, eventually, be rejected in much the same way, signalling both a period of monetary anarchy associated with quantitative easing and ‘currency wars’ and, in time, challenges from the renminbi and other ‘emerging’ currencies. In the late nineteenth century, the schism between debtors and

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lost decades clearly demonstrate. It is all too easy to end up locked into a situation where funds are siphoned off to the government – using quantitative easing, for example, to protect the value of government bonds and, therefore, to insulate governments from market discipline – thereby diverting funds away from the rest

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the inflationary upheavals of the 1970s. Could inflation return in current conditions? It seems unlikely. Even as central banks have attempted to reinvigorate economies through quantitative easing, inflation has mostly remained relatively well-behaved. Where it has picked up – most obviously in the UK following sterling's devaluation at the end of

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normal circumstances, government bond yields might rise in the event of creditors heading elsewhere, creating a powerful incentive for governments to behave themselves fiscally. With quantitative easing and other forms of financial repression, however, it's more plausible to argue instead that the currency would collapse, raising import prices. At that point

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a world where banks cannot easily deliver profits by borrowing cheaply at short-term interest rates and lending at significantly higher long-term interest rates: quantitative easing has put paid to that particular money-making channel. Instead, banks might charge for basic services – use of ATMs, provision of checking accounts – rather

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Reserve, Monetary Policy Report to the Congress’, Washington, DC, July 2010. 5. ‘Inflation Report’, Bank of England, Aug. 2010. 6. C. Bean, ‘Pension Funds and Quantitative Easing’, Speech to the National Association of Pension Funds’ Local Authority Conference, Bank of England, London, 23 May 2012. 7. Various other schemes have since been

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March 2012’, Basel, 2012 Barro, R. and Ursúa, J. ‘Stock-Market Crashes and Depressions’, NBER Working Paper No. 14760, 2009 Bean, C. ‘Pension Funds and Quantitative Easing’, Speech to the National Association of Pension Funds’ Local Authority Conference, Bank of England, London, 23 May 2012 Bean, C. ‘Some Current Issues in UK

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wealth (i) interest rates (i) and a new monetary framework (i) nominal GDP targeting (i) and politics (i), (ii), (iii) and redistribution (i) see also quantitative easing (QE) Chicago (i) China and commodity prices (i) financial systems (i) and globalization (i) income inequality (i), (ii) living standards (i) per capita incomes (i

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eurozone crisis (i), (ii) excessive (i), (ii) France (i) household (i), (ii), (iii) and inflation (i) Japan (i) and national incomes (i), (ii), (iii) and quantitative easing (QE) (i) repaying (i) debt deflation (i) debtors and creditors (i), (ii), (iii), (iv), (v) eurozone (i) home grown (i) deficient demand (i), (ii) deficit

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: queues government debt and central banks (i) eurozone crisis (i) excessive (i), (ii) France (i) and inflation (i) and national incomes (i), (ii), (iii) and quantitative easing (QE) (i) governments and central bank bailouts (i) and credit queues (i) mistrust (i), (ii), (iii) social spending (i) spending (i), (ii), (iii), (iv), (

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(i) attempted reforms (i) debt repayment (i) exports (i) government borrowing (i) government debt (i) liquidity trap (i) living standards (i) national income (i) and quantitative easing (QE) (i) stockpile of assets (i) and trust (i) unreliable estimates (i) Jay Cooke and Company (i) Jerusalem trip (i) Jews, attitudes towards (i), (ii

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and political extremism (i) monetarism (i) monetary policy (i), (ii), (iii), (iv), (v), (vi) a new monetary framework (i) see also Gold Standard; interest rates; quantitative easing (QE) Monetary Policy Committee (i) monetary unions (i) see also eurozone moral hazard (i) mortgage-backed securities (i), (ii), (iii) mortgages (i), (ii) Napoleon Bonaparte

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(i) Protestant work ethic (i), (ii) public sector see governments public spending (i), (ii), (iii), (iv), (v) government spending (i), (ii), (iii) social spending (i) quantitative easing (QE) (i), (ii), (iii), (iv), (v) ratings agencies (i) rationing (i), (ii) recessions (i) recovery from the Asian crisis (i), (ii), (iii), (iv) UK

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(iv) liabilities (i) mortgages (i), (ii) national income (i), (ii), (iii) per capita incomes (i), (ii), (iii), (iv) precious metal standards (i) public spending (i) quantitative easing (QE) (i) social insurance (i) sterling in the 1920s (i) voters (i), (ii), (iii) unemployment (i), (ii), (iii), (iv), (v) US Treasuries (i), (ii) USA

The New Depression: The Breakdown of the Paper Money Economy

by Richard Duncan  · 2 Apr 2012  · 248pp  · 57,419 words

The Credit Cycle How Have They Done so Far? Monetary Omnipotence and the Limits Thereof The Balance Sheet of the Federal Reserve Quantitative Easing: Round One What Did QE1 Accomplish? Quantitative Easing: Round Two Monetizing the Debt The Role of the Trade Deficit Diminishing Returns The Other Money Makers Notes Chapter 6: Where Are

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. When seen through the framework of the quantity theory of credit, the rationale for the stimulus packages, the bank bailouts, and the multiple rounds of quantitative easing becomes obvious: the government is desperate to prevent credit from contracting. Chapter 6, Where Are We Now?, takes stock of the current state of the

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create $1.7 trillion of new fiat money, an amount equivalent to 12 percent of the U.S. GDP. That rescue operation became known as quantitative easing, round one (QE1). It will be described in greater detail in Chapter 5. EXHIBIT 1.6 Commercial Banks’ Vault Cash and Reserves to Total Liabilities

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Americans who were losing their manufacturing jobs to low-wage Chinese competitors. Think of the Federal Reserve’s actions since 2008. In two rounds of quantitative easing, the Fed created $2.3 trillion. That money is now on the Fed’s balance sheet. It is considered to be part of the U

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. Credit began to contract and the economy plunged into crisis. At that point the Fed had only one tool left, the printing press. Thus began quantitative easing (QE). EXHIBIT 5.2 The Federal Funds Rate Source: Economagic The Balance Sheet of the Federal Reserve The Fed has a balance sheet. It is

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its portfolio to raise the cash it needed; and, in the third quarter of 2008, it obtained a $300 billion loan from the Treasury Department. Quantitative easing began near the end of 2008. From that point, the Fed began buying credit instruments from the banks and paying for them by depositing money

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$33 billion in mid-2008 to $860 billion by the end of that year. By September 2011 they had grown to $1.6 trillion. Quantitative Easing: Round One Quantitative easing is a euphemism for fiat money creation. The “quantity” referred to is the amount of fiat money in existence. The creation of additional fiat

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has lowered the federal funds rate to 0 percent, QE is its only remaining policy option for stimulating the economy. During the first round of quantitative easing (QE1), the Fed focused on buying agency- and GSE-backed securities from the banks. Those assets were primarily the debt that had been issued or

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trillion in new fiat money into the credit market should not be underappreciated–particularly considering movements in stock prices after QE1 came to an end. Quantitative Easing: Round Two Five weeks after QE1 ended on March 31, 2010, the U.S. stock market experienced a flash crash when, in one day, stock

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over the risks of a double-dip recession began to take hold. In late July, Fed governors began dropping hints that a new round of quantitative easing (QE2) was on the way. When Fed Chairman Bernanke confirmed as much in late August, the stock market took off again, rising to a post

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.4.) EXHIBIT 5.4 The U.S. Budget Deficit and the U.S. Current Account Deficit Source: Congressional Budget Office and Bureau of Economic Analysis Quantitative easing was required to plug that gap. Out of the $1.75 trillion in fiat money the Fed created during QE1, it spent $300 billion acquiring

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a recession year. During the first half of 2011, GDP expanded by only 0.8 percent, despite the stimulus provided by the second round of quantitative easing, which injected approximately $500 billion into the economy during the first half of the year.) It is also significant that the gap between credit growth

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fiscal policy blocked, only they have the power to prevent that outcome. They will not hesitate to use that power—and to use it forcefully. Quantitative easing (QE) works best when combined with fiscal stimulus, as Bernanke explained in November 2002.7 Forced to act alone, the Fed will have to be

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diversified portfolio: 1. Commodities generally perform well in an inflationary environment and suffer in times of disinflation or deflation. Gold and silver benefit most from quantitative easing, which undermines public confidence in the national currency. 2. Stocks tend to rise (1) in a healthy economic environment, (2) when central banks create money

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remains unchanged. The Fed, the Bank of England, the European Central Bank, and the Bank of Japan have all launched more than one round of quantitative easing in recent years. Finally, there is also intervention by a central bank with the express purpose of fixing or moving a currency’s value. China

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of the currencies that are not pegged can be highly volatile. Moreover, short-term currency movements are notoriously difficult to predict. Quantitative Easing and Asset Prices The immediate effect of quantitative easing is to push interest rates down and to push stock prices and commodity prices up. As just mentioned, in a capitalist system

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case. Today, interest rates are determined not only by the demand for money but also by the supply of money. Consider the second round of quantitative easing. Between November 2010 and mid-2011, the Fed created $600 billion and used it to buy government bonds. That allowed the government to borrow money

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also pushed up commodity prices. It is well understood that fiat money creation causes inflation. In fact, the Fed justified launching the second round of quantitative easing by citing the threat that deflation poised to the economy, implicitly admitting that it was creating fiat money in order to cause prices to rise

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moved significantly higher when QE2 began and then fell when it ended. Therefore, the evidence is very persuasive that, at least over the short term, quantitative easing has the effect of pushing up the price of bonds, stocks, and commodities. And, when bond prices rise, their yield (i.e., interest rates) falls

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two was $1 trillion in 2009, $814 billion in 2010, and will be roughly $800 billion in 2011, a cumulative shortfall of $2.6 trillion. Quantitative easing was required to plug that gap. The Fed expanded its balance sheet by approximately $2 trillion over those three years. Looking ahead, the government’s

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budget deficit is likely to remain significantly larger than the U.S. trade deficit for many years. Consequently, additional rounds of quantitative easing should be anticipated. More fiat money will be required to finance the budget deficit if interest rates are to remain low. In the unlikely event

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’s Great Depression (Rothbard) Asset-Backed Commercial Paper Money Mutual Market Fund Liquidity Facility (AMLF) Asset-backed securities (ABSs) Asset prices: inflation and deflation and quantitative easing and Austerity program option, for U.S. Balance of payments: asset prices and currencies and foreign central banks’ creation of fiat money and foreign exchange

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reserves global imbalances government finance and quantitative easing and U.S. and foreign exchange reserves Banking sector: commercial banks, credit creation, and decline in liquidity reserves commercial banks’ credit structure current financial health

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savings glut theory of on Milton Friedman policy responses to credit expansion and New Depression Bodin, Jean Bonds: in diversified portfolio effect of stimulus on quantitative easing and Bush, George W. Business cycles, theories of Business Cycles: The Problem and Its Setting (Mitchell) Capital adequacy ratio (CAR) Capitalism, evolution to credit-based

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of end to buying of U.S. debt Citibank Commercial banks. See Banking sector Commercial Paper Funding Facility (CPFF) Commodities: in diversified portfolio inflation and quantitative easing and regulation of derivatives market and Congressional Budget Office (CBO): budget outlook scenarios government debt estimates Construction sector, in Mitchell’s theory of business cycles

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indebtedness Emotions, in Mitchell’s theory of business cycles Energy and energy prices. See also Solar initiative, proposed excluded from CPI in New Great Depression quantitative easing and England Equation of exchange European Central Bank Extended-baseline scenario, of Congressional Budget Office Fannie Mae: conservatorship of credit creation and decline in liquidity

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reserves quantitative easing and U.S. debt guarantees and FDIC Federal Reserve. See also Quantitative easing commercial bank reserves (1945–2007) end of gold standard, creation of fiat money, and expansion of credit policy actions

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2014 and Fiat Money Inflation in France (White) Financial sector: debt and lack of liquidity reserve requirements and credit expansion Fiscal stimulus, needed with additional quantitative easing Fisher, Irving theory of debt-deflation Fixed-interest-rate debt, in diversified portfolio Flow of Funds Accounts of the United States Food prices: deflation and

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excluded from CPI quantitative easing and Foreign causes, of credit expansion Bernanke’s global savings glut theory and central banks’ creation of fiat money and foreign exchange reserves possibility of

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exchange reserves. See Balance of payments Fortune magazine Fractional reserve banking, money creation through Freddie Mac: conservatorship of credit creation and decline in liquidity reserves quantitative easing and U.S. debt guarantees and Friedman, Milton General equilibrium, theory of Germany Glass–Steagall Act Globalization Global savings glut theory, of Bernanke Goldman Sachs

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investment option for results of spending cuts in Government-sponsored entities (GSEs): credit supply and GSE-backed mortgage pools inflation and deflation’s effects on quantitative easing and U.S. debt guarantees and Great Depression economic conditions during Friedman’s conclusions about Greece Greenspan, Alan Gross domestic product (GDP): change in value

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inflation derivative regulation and effects on asset classes Fisher’s theory of debt-deflation inflation in 2011 inflation likely in 2012 inflation likely without additional quantitative easing and fiscal stimulus New Great Depression scenarios and protectionism and wealth preservation during Innovation, in Mitchell’s theory of business cycles Interest rates, in U

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.S.: bond sales and cut by Federal Reserve to encourage credit expansion money supply and quantitative easing and trade balances and International Monetary Fund Ireland Jackson, Andrew Japan Johnson, Lyndon JP Morgan JPMorgan Chase Keynes, John Maynard Korea Labor market, changes in

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-deflation and Protectionism: inflation and New Great Depression scenarios and Purchasing Power of Money: Its Determination and Relation to Credit, Interest and Crises, The (Fisher) Quantitative easing: asset prices and balance of payments and beginning of QE1 QE2 QE3 Quantity theory of credit banking sector crisis and monetarism and principles of quantity

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Solar initiative, proposed Spain Special Drawing Rights (SDRs) Special purpose vehicles (SPVs), credit creation and Status quo option, for U.S. Stocks: in diversified portfolio quantitative easing and Switzerland Taiwan Tariffs: inflation and New Great Depression scenarios and Tax revenues: credit expansion’s effect on during Great Depression New Great Depression consequences

Money and Government: The Past and Future of Economics

by Robert Skidelsky  · 13 Nov 2018

. Conclusion 244 Appendix 8.1: Monetary Financing of the Deficit 9. The New Monetarism 246 248 i. Pre-crash Monetary Orthodoxy 249 ii. Why Quantitative Easing? 253 iii. Quantitative Easing Programmes, 2008–16 256 iv. How was QE Meant to Work? 258 v. Assessment 263 vi. Conclusion 277 Appendix 9.1: A Note on

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‘fiscal consolidation’: the effort by governments to liquidate deficits and reduce national debts to restore ‘confidence’. Chapter 9 surveys the rationale, and limited success, of ‘quantitative easing’, the attempt by central banks to offset the deflationary effects of fiscal consolidation by injecting large amounts of money into the financial system. My broad

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p h a n d Fa l l of K e y n e s with the same arguments on both sides, re-emerged with quantitative easing (QE), following the economic collapse of 2008–9. Such is progress in economic science! Keynes’s belief in monetary therapy was shaken, but not shattered

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the General Theory, and it remains the most telling critique of monetary stabilization policy prior to the crash of 2008–9 and the policy of quantitative easing that followed it. Classical economists said that full employment was the natural condition of a capitalist market economy. Marxists said unemployment was inevitable. Keynes’s

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of the money supply has become orthodox. It influenced Ben Bernanke, Chairman of the Federal Reserve Board from 2006 to 2014, and the policy of quantitative easing adopted to meet the 2008–9 recession. In addition, just as the depression was caused by the central bank printing too little money, so inflation

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costs, pointing to the peaking of Greek government debt at 12 per cent. Should fiscal tightening lead to the weakening of the recovery, monetary expansion (quantitative easing) was always available to offset it. The postponers emphasized the fragility of the recovery, its dependence on fiscal stimuli, and the existence of huge private

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Osborne–Treasury mind than repairing the damage of the slump. In any case, any minor contractionary impact of fiscal tightening could be offset by monetary (quantitative) easing. These were the essentials of Alesina’s doctrine. 3. Confidence was especially important because of the worsening of the Eurozone debt crisis, especially that of

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line with the projections by the non-partisan Congressional Office of the Budget.41 Fiscal expansion was accompanied by monetary easing in the form of quantitative easing (QE). The US performance was not especially robust: the proportion of working-age adults in work fell from 72 to 67 per cent, income inequality

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income in an unfair or unequal way.’ Mario Draghi, 2016 4 The withdrawal of fiscal stimulus in 2010 left only one expansionary tool – monetary stimulus. Quantitative easing (QE) – buying up government debt in order to put more money in the hands of private business – was the inferior substitute for fiscal expansion, and

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18 January 2009 that the Bank of England would set up an asset purchasing facility (APF), which would be ‘useful for meeting the inflation target’. Quantitative easing had arrived. Two days later, the Governor of the Bank, Mervyn King, explained the thinking behind it: The disruption to the banking system has impaired

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like the QTM are so enfiladed with ceteris paribus conditions that they are neither provable nor disprovable. Thus it is always possible to say that quantitative easing in the UK in 2009–10 failed to boost broad money growth to the expected extent because of a misguided simultaneous tightening of banking regulations

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is reflected in a fall in the velocity of circulation. Congdon may dismiss any such increase in liquidity preference as a short-term phenomenon. But quantitative easing has further implications for the behaviour of velocity. When a central bank engages in * See Ch. 3 for more details and explanation. 283 M ac

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of capital assets creates a problem of deficient demand. The financialization of the economy increases this instability by allowing debt to replace earnings from work. Quantitative easing increases it still further by creating asset bubbles. The problem the older generation of under-consumptionists drew attention to was the failure of real wages

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run’ of falling output, with only interest rate policy available to fight it. When the policy rate hit the ‘lower bound’, central banks embarked on quantitative easing. Conventional monetary policy before the crash failed to avert a collapse; unconventional monetary policy after the crash failed to bring about a recovery. What experience

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-cherrier-final.pdf [Accessed 3 July 2017]. Christensen, J. H. E. and Rudebusch, G. D. (2012), The response of interest rates to US and UK quantitative easing. The Economic Journal, 122, pp. F385–414. Christiano, L., Eichenbaum, M. and Rebelo, S. (2011), When is the government spending multiplier large? Journal of Political

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.gov.uk/ons/dcp171766_ 386187.pdf [Accessed 27 June 2017]. Joyce, M., Lasaosa, A., Stevens, I. and Tong, M. (2011a), The financial market impact of quantitative easing. International Journal of Central Banking, 7 (3), pp. 113–61. Joyce, M., Tong, M. and Woods, R. (2011b), The United Kingdom’s

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quantitative easing policy: design, operation and impact. Bank of England Quarterly Bulletin, Q3, pp. 200–212. Kaldor, N. (1966), Causes of the Slow Rate of Economic Growth

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. (2014 (2011)), Where Does Money Come From? 2nd edn. London: New Economics Foundation. Ryan-Collins, J., Werner, R., Greenham, T. and Bernardo, G. (2013), Strategic Quantitative Easing: Stimulating Investment to Rebalance the Economy. Available at: http://neweconomics.org/2013/07/strategic-quan titative-easing/ [Accessed 10 July 2017]. Samuelson, P. A. (1955

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–11 Monetary Policy Committee (MPC), 249, 254, 265, 275 during Napoleonic wars, 45–8 power over credit conditions, 105, 115–16 Prudential Regulatory Authority, 363 quantitative easing (QE) by, 254, 257, 259–62, 263–73, 274, 275–7, 276 Bank of International Settlements, 342–3 Bank of Japan, 271 Bank Rate after

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marginalist economics, 288, 290–91, 295 microeconomics of, 290–92 and monetary policy, 32 in neo-classical perfect markets, 292 Pareto-efficiency, 290, 291 and quantitative easing (QE), 248, 271–3, 272, 279, 284, 305 and quantity theory, 61 redistributive policies and total utility, 290–91 rekindled interest in issues of, 299

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Central Bank, 139, 188, 198, 217, 242–3, 253, 254, 361 institutional constraints on, 50, 234, 242, 249, 274–5 misreading of Eurozone crisis, 275 quantitative easing (QE) by, 273–4 on ‘stress testing’, 364 taxing of ‘excess’ reserves, 266 use of LTROs, 257 European Commission, 139, 3612, 365 European Exchange Rate

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floating rates from 1970s, 16–17, 184 and Friedman, 182 IMF ‘scarce currency’ clause, 380–81 Nixon’s dollar devaluation (1971), 153, 154, 165 and quantitative easing, 267, 267 sterling crisis (1951), 145 sterling devaluation (November 1967), 152 sterling-dollar peg (from 1949), 148, 150, 152 sterling/franc/deutschmark devaluations (1949), 152

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Committee (FOMC), 185–6 and Great Depression, 104–6 inflation targeting, 188 and monetarism, 185–6, 188 monetary policy in 1950s, 146 ‘Operation Twist’, 268 quantitative easing (QE) by, 256–7, 273–4 ‘Reserve Position Doctrine’ (1920s), 103–4 and under-consumption theory, 298 Ferguson, Niall, 73, 79, 80, 91 financial collapse

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, 280 ‘compensated dollar’ scheme, 66 equation of exchange, 62–4, 71–2, 258, 278–9, 283, 284, 287 QTM formulation, 62–7, 71–2 and quantitative easing, 258, 278–9 Santa Claus money, 62–4, 258, 278–9 Fitch (CR A), 329 France assignats in 1790s, 64–5 and gold standard, 50

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–6, 370 and new macroeconomic constitution, 352 475 i n de x inequality – (cont.) Pigou’s work on redistribution, 290–91 and protectionism, 380 and quantitative easing, 248, 271–3, 272, 279, 284, 305 sharp rise in since 1970s, 288–9, 289, 298–302, 300, 302 and slow down in Western growth

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of stagflation (1965–9), 164 Phillips Curve, 144–5, 147, 162, 163, 180, 194, 205, 205–12 post-war period until 1960s, 32, 148 and quantitative easing (QE), 254, 258, 261, 262–3, 270–71, 271, 272, 277 Quantity Theory of Money, 9, 32–5 Ricardo on, 28 ‘stagflation’ in 1970s, 2

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gap in, 128–9 and post-war ‘catch-up’, 158–9 and post-war employment policy, 368, 370–71 post-war settlement, 139–41 and quantitative easing (QE), 259, 261, 269–70, 271 as response to Great Depression, 13, 15–16, 98, 114–15, 118 right/left political implications of, 138–41

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, 138–9, 181–2 transmission mechanism of, 64, 146, 250, 250–51, 277–9, 283 Wicksellian, 69–70, 102, 251, 255, 358–9 see also quantitative easing (QE) monetary reformers (first third of twentieth-century), 37, 44, 60–72, 99–106, 116, 124, 125, 129, 177–8, 200, 277, 280 money Aquinas

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spending (1950–2000), 157 U K spending (1997–2010), 223 U K spending as proportion of GDP (1692–2012), 77 in Victorian Britain, 86–7 quantitative easing (QE), 10–11, 116, 179, 226, 233, 242, 248–9, 254–8 assessment of, 263–77, 264, 267, 270 bank lending channel, 259–60, 260

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, 205–12, 207 as primary government responsibility, 87–8, 98, 130–31, 139–40, 141–6, 147, 150, 168–9, 303 and protectionism, 378 and quantitative easing, 269–70, 270 rates (1929–38), 112 and ‘speculative demand for money’, 36 word in Oxford English Dictionary, 9 United States and 2008 crash, 217

Crisis Economics: A Crash Course in the Future of Finance

by Nouriel Roubini and Stephen Mihm  · 10 May 2010  · 491pp  · 131,769 words

standard playbook. But many others seemed to come from another world, and in some cases another era. To the uninitiated, the names of these tactics—“quantitative easing,” “capital injections,” “central bank swap lines”—defy definition. But these and many other unorthodox weapons came off the shelf and were mustered into battle. Some

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was quite another. Nuclear Options One of the more remarkable weapons that the Fed and other central banks brought to bear on the crisis was “quantitative easing,” though Ben Bernanke advocates calling it “credit easing”; economist Paul Krugman argues that it should be called “qualitative easing.” Whatever its name, a modest version

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were clamoring for loans. While this strategy did nothing to ease the credit crunch, it made eminent sense from the standpoint of self-preservation. Using quantitative easing, the Federal Reserve would attack this problem on multiple fronts. It would wade into the financial system and start buying up long-term government debt

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the mortgage market. It would also help drive down the costs of borrowing for corporations. The Federal Reserve was not alone in its use of quantitative easing. In Britain, the Bank of England was caught in a liquidity trap as well. It had cut its benchmark rates close to zero, the lowest

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devised in the United States. But these moves failed to halt the prospect of debt deflation, and so in March 2009, in a bit of quantitative easing of its own, the Bank of England pledged to buy some £150 billion worth of government debt and corporate bonds. The European Central Bank followed

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corporate bonds to commercial real estate loans to commercial paper. This too helped prop up the value of a range of assets. The policy of quantitative easing, adopted by the Fed and other central banks, marked the culmination of this process: outright purchases of long-term debt in the open market. As

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how far the Fed would go to stop the crisis. Nor did the Fed ever deploy several other extremely controversial weapons. It might have used quantitative easing on a far more massive scale, manipulating the foreign exchange markets to weaken the value of the dollar, or even employed some version of a

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deficit, as long as the public debt is issued in local currency, a tactic known as “monetizing” the deficit. The mechanism is the same as quantitative easing, except that buying up debt has nothing to do with defeating deflation; it’s about making debt disappear. As money chases goods and pushes their

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Fed and other central banks eventually became investors of last resort, wading into government debt markets to inject still more liquidity into the system via quantitative easing. In their most radical interventions of all, central banks attempted to provide demand where demand had all but disappeared, purchasing mortgage-backed securities and other

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try to deliberately depreciate the dollar by “monetizing” the deficit, effectively printing money out of thin air. But then, it’s already doing that via quantitative easing. If the United States were an emerging market, it would have long ago suffered a collapse of confidence in its debt and its currency. That

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to mitigate it, triggering the sort of high inflation last seen in the 1970s. Other troubles may emerge as well. Extremely loose monetary policies and quantitative easing—combined with a growing reliance on the carry trade in the dollar—may foster an even bigger bubble than the one that just burst. Should

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up too fast too soon. Why? The most obvious reason is that the central banks of the advanced economies have used superlow interest rates and quantitative easing to create a “wall of liquidity” that has managed to surmount the “wall of worry” left behind after the crisis. And that’s helping to

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, a downward correction in gold prices carries significant risks. The dollar carry trade will likely unravel at some point, and central banks will eventually exit quantitative easing and abandon near-zero policy rates. Both these developments will put downward pressure on commodity prices, including gold. More generally, anyone who has blind faith

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the height of the recent crisis, concerns about deflation drove many governments to take drastic measures to prevent prices from falling. Zero interest rates and quantitative easing would normally trigger a round of inflation, but that did not happen in 2009. Deflation crept into the United States, the Eurozone, Japan, and even

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, “Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008,” National Bureau of Economic Research Working Paper no. 14826, March 2009. 151 “quantitative easing”: Ben S. Bernanke, “The Crisis and the Policy Response,” Stamp Lecture, London School of Economics, London, January 13, 2009, online at http://www.federalreserve.gov

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/newsevents/speech/bernanke20090113a.htm; Volker Wieland, “Quantitative Easing: A Rationale and Some Evidence from Japan,” National Bureau of Economic Research Working Paper no. 15565, December 2009; Paul Krugman, “Fiscal Aspects of

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Quantitative Easing (Wonkish),” online at http://krugman.blogs.nytimes.com/ 2009/03/20/ fiscal-aspects-of-quantitative-easing-wonkish/; and Chris Giles, Cynthia O’Murchu, Steve Bernard, and Jeremy Lemer, “Quantitative Easing Explained,” Financial Times, February 5, 2009, online at http://www.ft.com

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, History, and Policy. Cambridge, U.K.: Cambridge University Press, 1982. Klyuev, Vladimir, Phil de Imus, and Krishna Srinivasan. “Unconventional Choices for Unconventional Times: Credit and Quantitative Easing in Advanced Economies.” IMF Staff Position Note, November 4, 2009. Online at http://www.imf.org/external/pubs/ft/spn/2009/spn0927.pdf. Knight, Frank

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and Statistics 82 (2000): 127-38. White, Eugene N., ed. Crashes and Panics: The Lessons from History. Homewood, Ill.: Business One Irwin, 1990. Wieland, Volker. “Quantitative Easing: A Rationale and Some Evidence from Japan.” National Bureau of Economic Research Working Paper no. 15565, December 2009. Online at http://www.nber.org/papers

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holdings of in India as investors of last resort as lenders of last resort lines of credit from monetary policy of overnight rates set by quantitative easing and SDRs purchased by see also Bank of England; Bank of Japan; European Central Bank; Federal Reserve central bank swap lines Central Europe see also

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created by lines of credit from liquidity trap and long-term loans to banks provided by LTCM bailout and open market operations of origins of quantitative easing and reform and sale of Bear Stearns and swap lines of threat of new bubbles and Volcker’s policies in Federal Reserve Board Federal Savings

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(Mills) procyclicality production, industrial productivity proprietary trading strategies protectionism see also tariffs Prussia Public-Private Investment Program (PPIP; Pee-Pip) public works projects Putin, Vladimir quantitative easing railroads Great Britain and Rajan, Raghuram Rand, Ayn random walk theory Rashomon (film) rating agencies reforms and see also specific ratings real estate boom price

Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State

by Paul Tucker  · 21 Apr 2018  · 920pp  · 233,102 words

stamp for its chair. The members’ long terms should, for the same reason, be staggered. As a concrete example, when faced with the criticism that quantitative easing (QE) was a plot for central banks to finance governments cheaply by buying their bonds, and that independence had willingly but surreptitiously been surrendered, I

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identified if they come in sizable discrete lumps or with sustained costs to particular groups, as central bankers have been discovering since they embarked on quantitative easing (chapter 24). But things are not so straightforward where the distributional effects of a series of regulatory measures are modest individually but material cumulatively. This

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do believe that the public clamor in some countries around the German legal challenge had the effect of delaying the ECB’s decision to launch quantitative easing for the quite different, and unequivocally core, purpose of stimulating euro areawide aggregate spending and output in order to keep inflation in line with its

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to the economy. 7 That story is broadly captured in Diamond and Dybvig, “Bank Runs.” 8 This is how Mervyn King persuaded the UK that quantitative easing was not inherently inflationary: we were addressing a problem of “not enough money” threatening deflation. By contrast, the Fed tends not to highlight the monetary

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part of quantitative easing (or of monetary policy more generally), which left it exposed to accusations that it risked runaway inflation by creating too much money. 9 Under the

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the future path of the policy rate (what has become known as forward guidance).7 All other interventions to stimulate aggregate demand—for example, the “quantitative easing” and “credit easing” of the postcrisis years—would fall to the “fiscal arm” of government. That—not a judgment on the merits of the minimal

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their own during disasters and emergencies. APPLYING THE BALANCE-SHEET PRINCIPLES TO OPERATIONS IN DEFAULT-FREE GOVERNMENT INSTRUMENTS This section, on default-free operations, covers quantitative easing (QE), “helicopter money,” and operationalizing negative interest rates.12 The running theme is around where cooperation or coordination with the fiscal authority might be needed

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. Quantitative Easing and Government Debt Management The most basic operation is quantitative easing, which involves the central bank buying long-term government bonds with the dual purpose of injecting money into the economy

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becomes a live issue: the monetary policy rate is at or very close to the effective lower bound and is expected to stay there; vanilla quantitative easing and guidance on the prospective path of the policy rate will not suffice or will entail even more unacceptable risks; repo operations in private sector

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ways. There has been increasing recognition that risk premia and risk appetite are affected by monetary policy—not only by those monetary operations, such as quantitative easing, that are designed to influence risk premia but also by regular interest-rate decisions. This might be so if very low interest rates, as prevailed

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and, 37; public goods and, 58–59, 321; public interest and, 32–34, 39; public policy regime design and, 72–76; purposes of, 51–53; quantitative easing and, 106, 380, 386, 442n8, 486, 492–93, 498, 533; regulatory capture and, 66–67; regulatory state and, 28, 36, 39n37, 43, 48, 50–62

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and, 6, 17, 19, 392; Principles for Delegation and, 129–33, 491–92; private sector instruments and, 495–501; pure credit policy and, 498–99; quantitative easing and, 486, 492–93, 498; restraining exuberance and, 499–501; secured lending and, 496; stability and, 438, 441–42, 457, 460, 466, 469, 481 Banca

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and, 370, 373; power and, 1, 6–7, 10, 19, 386–87, 393–94, 398, 473, 475; Principles for Delegation and, 244, 265, 328, 332; quantitative easing and, 386–87; stress testing and, 478; as Siysyphus, 563 European Court of Justice (ECJ), 43, 137, 328–29, 356, 359, 386 European Exchange Rate

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, 388, 402, 460, 480, 482–503, 525, 537–38; Principles for Delegation and, 128–33; public debate and, 490; pure credit policy and, 498–99; quantitative easing and, 486, 492–93, 498; restraining exuberance and, 499–501; social costs and, 487 Fischer, Stanley, 112n3, 415n3, 417, 428n10, 449n21 Fisher, Irving, 428n8, 438

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, 371; power and, 413; Principles for Delegation and, 137, 145, 239, 262n33 publicly observable information, 108 Purpose-Powers precept, 110–18, 128, 241, 491, 570 quantitative easing, 106, 380, 386, 442n8, 486, 492–93, 498, 533 quasi-legislative rule making, 37, 44, 185, 308 radical democrats, 237 Rajan, Raghuram, 535, 566 rational

The Invisible Hands: Top Hedge Fund Traders on Bubbles, Crashes, and Real Money

by Steven Drobny  · 18 Mar 2010  · 537pp  · 144,318 words

deflation emerges, perhaps because there was still another asset to inflate: property (see Figure 2.2). The hyper-experiment today, which includes the use of quantitative easing (QE) and bailouts, is a renewed attempt to prevent a cascade of defaults and preempt a deepening recession and possibly a prolonged depression. Figure 2

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baseball hitter. But now I would like to come back as the bond market. You can intimidate everybody.” Can the Hyper-Great Macro Experiment—with quantitative easing, bank bailouts, and other creative measures—have a happy ending? Perhaps, though it may have more to do with fiscal policy than monetary issues from

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huge deflationary forces that up until recently were self-reinforcing. These forces were only mitigated by record government interventions with liquidity provisions, interest rate cuts, quantitative easing, and fiscal stimulus. Now we have two enormous forces struggling against each other: one deflationary—the economy and the financial system—and one reflationary—stimulus

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of various types. We haven’t got a clue how these will play out, and it’s rather difficult balancing them. Quantitative easing, probably the correct course for central banks, is a difficult beast to control if market psychology turns quickly or if the real economy improves faster

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low risk at this stage, as we think the environment is very uncertain. The consensus view at the moment is that unprecedented fiscal stimulus and quantitative easing automatically leads to inflation. Do you believe that? It is not automatic, but the likelihood of both very inflationary and deflationary scenarios is much higher

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only thing of interest to me was the question of whether people might think that there could be inflation at some point in the future. Quantitative easing made it easy to answer this question affirmatively, because there are many monetarists in the world who believe that the quantity of money is the

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do you mean? Regarding the end of fiat money, there is understandable concern about that concept. The global response to this crisis is massive reflation. Quantitative easing is now ubiquitous enough to be on CNN Headline News, whereas just two years ago, it was an arcane economics term

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. Quantitative easing is the budgetization of monetary policy—essentially printing money—and the examination of global central bank balance sheets confirms that it is global in scope

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the burden, but other crises will emerge because bubbles beget bubbles. This monetary bubble that has been created amidst the first coordinated global central bank quantitative easing has to have consequences. It is all untested and unproven. As a manager, regardless of the asset class, you need to be thinking more about

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their currency to rise, which funnels the resulting liquidity into rising asset prices, such as the stock market and real estate. This is the real quantitative easing, and over the past decade it sent oil from $10 a barrel to $150. Where were all the bond vigilantes then? Now that everyone has

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) Inflation approach Commodity Trader perspective control deflation, contrast feeding, absence fiscal stimulus, impact hedge active commodity manager, impact impact increase persistence presence pressure psychological element quantitative easing, impact risk, increase risk premium volatility, reduction Inflation (1980-2000) Inflation-linked bonds Inflation-linked investment Inflation protected government bonds, purchase Inflection points, awareness Information

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football coach salary, public pension manager salary (contrast) Public debt, problems Public pensions average wages to returns endowments impact Q ratio (Tobin) Qualitative screening, importance Quantitative easing (QE) impact usage Quantitative filtering Random walk, investment Real annual return Real assets Commodity Hedger perspective equity-like exposure Real estate, spread trade Real interest

The Long Good Buy: Analysing Cycles in Markets

by Peter Oppenheimer  · 3 May 2020  · 333pp  · 76,990 words

rates were cut again. The power of central banks has been wielded many times since, not least in the current cycle, with the introduction of quantitative easing (QE) and, at times, similarly powerful guidance to instil confidence. This was, perhaps, most famously demonstrated in 2012 in the midst of the European sovereign

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in 2015/2016. Second, this cycle has been different from others in that it has been marked by unconventional policy easing (and the start of quantitative easing), together with historically low inflation and bond yields. Relatively weak profit growth has been another particular feature of this cycle, but alongside rising valuations. It

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, post the financial crisis, has been particularly unusual in the extent of monetary easing. The collapse in policy rates to zero and the introduction of quantitative easing, largely to deflect the deflationary consequences of the collapse in economic activity and asset prices in the wake of the crisis, has been a particular

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to spend $1 trillion in newly created dollars on the back of government and mortgage bonds to push interest rates lower through its programme of ‘quantitative’ easing, which was critical in triggering the rebound in the stock markets. A second and important contributor to this bull market has been the assent of

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and spread into a broader credit crunch, ending with Lehman Brothers filing for bankruptcy and the start of the Troubled Asset Relief Program (TARP) and quantitative easing (QE).4 Wave two in Europe began with the exposure of banks to leveraged losses in the US and spread to a sovereign crisis given

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2016, equity markets and fixed income (bond and credit) markets have moved higher together, although with significant differences in relative returns. Aggressive monetary easing and quantitative easing have had a strong effect in pushing up valuations in financial markets. Various academic papers have examined the impact of QE on bond prices, particularly

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measures that included the TARP bailout programme, authorising $700 billion to bail out banks, AIG, and auto companies. It also helped credit markets and homeowners. Quantitative easing (QE) – or large-scale asset purchases – refers to monetary policy that entails a central bank creating money that is used to buy predetermined amounts of

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markets, under certain conditions, of bonds issued by euro area member states. 6 Balatti, M., Brooks, C., Clements, M. P., and Kappou, K. (2016). Did quantitative easing only inflate stock prices? Macroeconomic evidence from the US and UK. SSRN [online]. Available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2838128

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returns, but it can also result in more demand for bonds as the yields fall, resulting in yet lower bond yields. Notes 1 See How quantitative easing affects bond yields: Evidence from Switzerland. Christensen, J., and Krogstrup, S. (2019). Royal Economic Society [online]. Available at https://www.res.org.uk/resources-page

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/how-quantitative-easing-affects-bond-yields-evidence-from-switzerland.html 2 See Gilchrist, S., and Zakrajsek, E. (2013). The impact of the Federal Reserve's large-scale asset

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the financial crisis.18 Of course, technology is not the only reason for this. The impact of austerity has contributed, as has the influence of quantitative easing. This process has helped to reduce the level of interest rates and boost corporate profits (as well as the trend for corporate buybacks in the

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to revert to the typical levels seen in the cycles prior to the financial crisis. As a result of these changes, and the onset of quantitative easing, valuations in financial assets have generally increased, suggesting lower future returns. Bond yields at the zero bound do not necessarily benefit equities. In general, the

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Royal Society [online]. Available at https://doi.org/10.1098/rstb.2009.0169 Balatti, M., Brooks, C., Clements, M. P., and Kappou, K. (2016). Did quantitative easing only inflate stock prices? Macroeconomic evidence from the US and UK. SSRN [online]. Available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2838128

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paradox v2.0: The price of free goods. New York, NY: Goldman Sachs Global Investment Research. Hayes, A. (2019, April 25). Dotcom bubble. Investopedia. How quantitative easing affects bond yields: Evidence from Switzerland. (2019). Royal Economic Society [online]. Available at https://www.res.org.uk/resources-page/how

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-quantitative-easing-affects-bond-yields-evidence-from-switzerland.html How to tame the tech titans. (2018). The Economist. Hutchinson, J., and Persyn, D. (2012). Globalisation, concentration and

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/news/dnb-publications/dnb-working-papers-series/dnb-working-papers/working-papers-2010/dnb232375.jsp Vissing-Jorgensen, A., and Krishnamurthy, A. (2011). The effects of quantitative easing on interest rates: Channels and implications for policy. Brookings Papers on Economic Activity, pp. 215–265. Wright, I., Mueller-Glissmann, C., Oppenheimer, P., and Rizzi

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-2009 financial crisis 169–174 emerging markets 171–173 forecasting 19–21 growth vs. value company effects 94–96 impact 169–170 phases 171–174 quantitative easing 173–174, 178–179 sovereign debt 170, 171–173 structural bear market 110, 118–119 A accounting, bubbles 163–165 adjustment speed 74, 89–90

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–217 and equity valuations 72–76, 206–208 and growth companies 92–94 historical 43, 202 and implied growth 210–215 and inflation 65, 70 quantitative easing 173–174, 202–205 and risk asset demand 217–220 S&P 500 correlation 72–73 speed of adjustment 74, 89–90 ultra-low 201

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–133 duration 136–138, 139–141 equity performance 135–136 Great Moderation 133–134, 187–189 non-trending 138–141 post-war boom 129–131 quantitative easing 134 secular 127–134 United States 136 C canal mania 152 CAPE see cyclically adjusted price-to-earnings ratio capital investment, Juglar cycle 3 CDO

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from 196–200 lessons from 244–245 market and economy incongruence 174–178 monetary policy 178–179, 201–205 opportunities 230–231 profitability 185–186 quantitative easing 202–205 returns 174–179 risk asset demand 217–220 structural changes 76–79, 93–96, 169–200 technology 189–190, 221–241 term premium

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inflation 65–66, 70 mini/high-frequency cycles 58–61 narrowing and structural bear markets 114–115 overextension 36–37 phases of investment 50–58 quantitative easing 173–174, 178–179 S&P 500 historical performance 42 valuations and future returns 43–45 vs. bonds 43–45, 68–76, 78–79 equity

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ESM see European stability mechanism Europe dividends 39–40 exchange rate mechanism 16–17, 111 Maastricht Treaty 17 market narrowing in 1990s 115 privatisation 132 quantitative easing 17, 204–205 sovereign debt crisis 170, 171–173 European Central Bank (ECB) 17, 171, 173 European Recovery Plan 129–131 European stability mechanism (ESM

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157–159, 178–179, 201–205, 239 austerity 239 European Central Bank 17, 171, 173 Federal Reserve 16, 102, 131, 134, 150–151, 157, 203 quantitative easing 17, 70–71, 119, 133–134, 173–174, 178–179, 202–205 Montreal Protocol 13 mortgage-backed securities (MBS) 159 MSCI indices 91 N narrow

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negative bond yields 201–220 demographics 215–217 and equity valuations 206–208 and growth 208–210 implied growth 210–215 monetary policy 201–205 quantitative easing 202–205 risk asset demand 217–220 neuroeconomics 24–25 ‘new eras’ 113–114, 150–157 ‘Nifty Fifty’ 114, 233 non-trending bull markets 138

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21–25 policy setting 25–26 public ownership 132 purchasing managers' index (PMI) 59–61, 86–87, 89–90 Q QE see quantitative easing Qualcom 149–150 quality companies 193 quantitative easing (QE) asset returns 70–71, 119, 178–179 bond yields 173–174, 202–205 start of 17, 133–134, 171 United Kingdom

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-low bond yields 201–220 demographics 215–217 and equity valuations 206–208 and growth 208–210 implied growth 210–215 monetary policy 201–205 quantitative easing 202–205 risk asset demand 217–220 UNCTAD see United Nations Conference on Trade and Development unemployment 121–124, 183–185 unexpected shocks 108 United

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Kingdom (UK) Black Wednesday 16–17 bond yields, historical 202 canal mania 152 deregulation 132 exchange rate mechanism 16–17, 111 privatisation 132 quantitative easing 204–205 railway bubble 148, 152–153, 157, 163 South Sea Company 147, 151, 153 United Nations Conference on Trade and Development (UNCTAD) 129 United

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–239 market narrowing 114 NASDAQ 149–150, 161 ‘Nifty Fifty’ 114, 130–131, 233, 235 post-war boom 129–131 profit share of GDP 186 quantitative easing 133–134, 171, 202–204 radio manufacturing 154, 225 railway bubble 153–154, 160 stock market boom, 1920s 148, 154, 157, 160 vs. Microsoft 236

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Zaitech 164 zero bond yields 201–220 demographics 215–217 equity valuations 206–208 growth 208–210 implied growth 210–215 monetary policy 201–205 quantitative easing 202–205 risk asset demand 217–220 WILEY END USER LICENSE AGREEMENT Go to www.wiley.com/go/eula to access Wiley’s ebook EULA

The Lords of Easy Money: How the Federal Reserve Broke the American Economy

by Christopher Leonard  · 11 Jan 2022  · 416pp  · 124,469 words

at the modern Fed, a name that was intentionally opaque and therefore difficult for people to understand, let alone care about. The plan was called “quantitative easing.” If the program was enacted, it would reshape the American financial system. It would redefine the Federal Reserve’s role in economic affairs. And

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FOMC, which then debated behind closed doors. A big wall went up around the decision-making on money. The things that bothered Hoenig about quantitative easing were just as important to the American people as the things that bothered Williams Jennings Bryan. The FOMC debates were technical and complicated, but at

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t just keep rates pegged at the zero bound, but was now voting on the plan to go below the zero bound, with quantitative easing. Hoenig had fought against quantitative easing for months, and today he would lose that fight as well. Hoenig’s ride continued south toward the Fed headquarters, which were located

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bank presidents Charles Plosser and Richard Fisher expressed concerns about it, as did the president of the Richmond Federal Reserve Bank, Jeffrey Lacker. But if quantitative easing was radical, Bernanke insisted that it was called for by extraordinary times. During the FOMC meeting in September, Hoenig offered his most condensed, straightforward

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directly criticized the 0 percent interest-rate policy, explicitly warning that it might stoke asset bubbles. Now, during a public speech, Hoenig said that quantitative easing was akin to making a “deal with the devil.” This was not the polite language usually employed by FOMC members. This was a public condemnation

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. These comments irritated Ben Bernanke, perhaps even more than Hoenig’s dissenting votes had irritated him. When the Fed gathered to vote on the quantitative easing plan in November, the two-day meeting began on an unpleasant note. Bernanke opened the meeting with something of a scolding for the gathered FOMC

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. Now, on November 3, Tom Hoenig and the other members took their seats around the giant table and prepared to hold their final debate on quantitative easing. * * * “Good morning, everybody,” Bernanke said as he began the meeting. “We made an awful lot of progress yesterday. FOMC productivity is up,” he joked,

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, who divided their attention among outlets that included National Public Radio, CNN, The New York Times, and MSNBC. Fox’s prime-time segment on quantitative easing reached several million viewers. It was presented by one of the network’s most popular personalities, the former radio show host Glenn Beck. His understanding

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the opposite of broke, with trillions of new dollars injected into the financial system. The only important thing Beck got right was pointing out that quantitative easing would hurt people who saved money. But his speech overall was a significant tragedy. His broadcast helped set the agenda that conservatives cared about

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in 2010. Conservatives cared about the Federal Reserve far more than liberals seemed to. On November 3, quantitative easing was the top story on the conservative Drudge Report website, which featured a headline written in big red letters that said: “BIG NEW PUMP.”

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The Road to Ruin, Aftermath, and The Death of Money. These books, and other conservative coverage, helped to dampen criticism of the Fed and quantitative easing because the program’s critics looked like right-wing cranks. People like Rickards predicted the most catastrophic possible outcomes, like hyperinflation, but those outcomes never

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This is my background,” Bernanke said. In 2010, Bernanke defended the unprecedented experiment that the Fed was undertaking. Pelley gave an accurate overview of how quantitative easing would work. But when he asked Bernanke about the possible downsides of the program, Pelley only focused on one thing: price inflation. “Critics of Bernanke

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The money changed the world, primarily by changing the behavior of people and institutions that already had a lot of money. Each dollar created by quantitative easing put pressure on the dollars that already existed, like water pushing into an overflowing pool. This pressure was intensified by the fact that the Fed

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, and outright opposition, to Bernanke’s plan. During the meeting in late July, about half of the voting FOMC meeting members expressed concerns about quantitative easing. Bernanke began to push hard against this opposition because economic growth remained weak, and the unemployment rate remained high, almost four years after the crash

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zero for nearly three more years, an extraordinary escalation of the guidance. The second tool was “Operation Twist,” a bond-buying program similar to quantitative easing, but with one important difference. Operation Twist didn’t pump more cash into the banking system, but only sought to encourage more lending by pushing

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Yellen was friendly, even jovial, when she pressed her views. But she was not in any way ambiguous. “Janet was the strongest advocate for unlimited” quantitative easing, Duke recalled. “Janet would be very forceful. She is very confident, very strong in promoting the point of view.” Yellen and Bernanke were convincing, and

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interest-rate cuts, that could be imposed and then quickly withdrawn as conditions changed. The truth turned out to be the opposite. The distortions from quantitative easing were deep and long-lasting, and the program, once employed, was essentially never-ending. These forecasting errors were not an isolated incident. Central banks

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around the world consistently misled themselves about the effects of quantitative easing. The banks overestimated QE’s positive impact on overall economic output, when compared against studies conducted by outside researchers, according to a 2020 study by

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the National Bureau of Economic Research. And central bank researchers who reported larger effects from quantitative easing tended to advance faster in their careers, the study found. This could have been due to the fact that the researchers reported to the

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that lowering general market rates will stimulate much credit expansion and spending.” Sandra Pianalto, president of the Cleveland Fed, said that another round of quantitative easing would not help as much as the earlier rounds, and that it would be hard to end once it started. These arguments were tame compared

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were unwavering. They wanted the FOMC to impose discipline on the program and cut back purchases. Stein gave public speeches about the inherent risks of quantitative easing. Both Powell and Duke continued to pressure Bernanke during FOMC meetings. Eventually, Bernanke reached a compromise with the Three Amigos. After the meeting in

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the first Fed chairman to give regularly scheduled press conferences. He began the practice in April 2011, to help quell the political backlash that followed quantitative easing. “After the blowback that greeted our introduction of QE2 in November 2010… we needed to do more than ever to explain our policies clearly

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of financial traders staring at television sets across the world. Bernanke started with a prepared statement, and in the midst of it he said that quantitative easing was essentially temporary. The Fed would likely taper off its purchases if growth remained strong, and would consider ending the program around June 2014.

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from buying leveraged loans because they were considered somewhat opaque and risky. This changed in 2010, when the Federal Reserve began its second round of quantitative easing and kept interest rates pinned at zero. When the Fed pumped trillions of dollars into the banking system, and harshly disciplined anybody who tried

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. None of this should have been surprising to senior leaders at the Fed. In 2013, while the FOMC was overseeing its largest round of quantitative easing yet, the Dallas Fed president Richard Fisher explicitly pointed out that the policy would primarily benefit private equity firms, like Jay Powell’s former employer

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the company soon became a typical example of what was happening across corporate America as all the cheap money came flooding into the system through quantitative easing and ZIRP. This strategy would prove to be wildly profitable for company owners and executives. Todd Adams, for example, earned a respectable $2.5

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of the regulatory agency charged with maintaining stability in the U.S. banking system, the FDIC. It had been years since Hoenig had warned that quantitative easing and ZIRP would cause a massive misallocation of resources, increase financial risk, and primarily benefit the rich, who owned assets. Now, as a bank

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before taxes and other costs). It ended up equaling about six times as much. The optimistic assumptions were overlooked. The money had to go somewhere. Quantitative easing was designed and initiated with the specific goal of inflating stock market prices. The plan worked. The value of stocks rose steadily during the decade

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search for yield pushed money into the debt of developing nations. When the McKinsey Global Institute tried to track the flow of dollars created by quantitative easing, it discovered that billions of those dollars flowed to developing nations like Mexico, Poland, and Turkey. These countries were considered a bigger credit risk

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like Germany and Denmark, did the same, as did the European Central Bank. The idea was that negative rates would have the same effect as quantitative easing. Instead of incentivizing investors to reach for risky yields, the central banks of Europe literally punished investors, financially speaking, who saved money. The negative

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. Credible arguments were made that the process would be completed by 2015, meaning that the Fed would have sold off the assets it purchased through quantitative easing, and would have drained virtually all the excess cash reserves out of the banking system. This never happened. Instead, the bank decided to simply

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defend the very policies that he had been warning about internally since he had become a Fed governor. He said that “unconventional policies,” such as quantitative easing, were largely responsible for America’s economic growth, and that the critics of those programs had been proven wrong. “After I joined the Federal

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with similar actions from other central banks. In December 2018, the European Central Bank followed the Fed’s lead and ended its own version of quantitative easing. The tightening financial conditions exposed the rot that had formed in global debt markets. China was a particularly instructive example. It was suffering from

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autopilot, and had been essentially halted, but the FOMC had nonetheless withdrawn some of the extraordinary interventions of the Bernanke era. When the Fed reversed quantitative easing, it drained more than $1 trillion of excess cash out of the banking system. Excess bank reserves—meaning the level of cash that banks

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programs that we deployed after the financial crisis.” Powell was saying that the Fed was going to do something that appeared to be quantitative easing but was not, in fact, quantitative easing. The key difference seemed to be the Fed’s intent. The Fed wasn’t pumping money into bank reserve accounts to stimulate

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banks that made risky bets. OPEN MARKET OPERATIONS: The trading operations through which the Fed actually controls interest rates or achieves other policy goals like quantitative easing. The operations are conducted by a trading group based at the New York Federal Reserve Bank who buy and sell assets like U.S.

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to be on the list, and it periodically removes or adds dealers. QE: Slang term for quantitative easing. QUANTITATIVE EASING: An experimental program the Fed first implemented during the crash of 2008. The goal of quantitative easing is to flood Wall Street with new cash at a time when interest rates are low in order

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almost $4.5 trillion to a little less than $3.8 trillion. Then the financial system short-circuited. The Fed halted tightening and eventually resumed quantitative easing, boosting its balance sheet above $8 trillion. RESERVE ACCOUNT: The account that banks hold inside the Federal Reserve. The reserve accounts discussed in this

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System, at the Federal Reserve Bank of Kansas City Economic Symposium, Jackson Hole, Wyoming, August 27, 2010. The basic mechanics and goals of quantitative easing: This description of quantitative easing is based on the author’s interviews with current and former Federal Reserve officials, financial traders, financial analysts, and senior members of the New

…

107. These comments irritated Ben Bernanke: Bernanke, The Courage to Act (New York: Norton, 2017), 485–92. When the Fed gathered to vote on the quantitative easing plan in November: Transcript of the meeting of the Federal Open Market Committee, November 2–3, 2010. “Good morning everybody,” Bernanke said: Ibid. CHAPTER

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six current and former senior officials at the New York Federal Reserve Bank, 2020–2021, speaking on background. Three of these officials directly implemented the quantitative easing program. To understand the effects of ZIRP: Author interviews with financial traders, on background, 2016–2020. The author is particularly indebted to one trader

…

Rate Hikes in 2015,” Wall Street Journal, December 17, 2014; “Policy Normalization Principles and Plans,” Federal Reserve press release, September 17, 2014; Neil Irwin, “Quantitative Easing Is Ending. Here’s What It Did, in Charts,” New York Times, October 29, 2014; Michael S. Derby and Jon Hilsenrath, “Fed’s Dudley: Still

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2, 2017; “Trump’s Fed Chair Choice Largely Down to Powell or Taylor,” Washington Post, October 26, 2017; “US Federal Reserve Calls Historic End to Quantitative Easing,” Financial Times, September 20, 2017. It was unclear, at first, what Trump’s victory: Thomas Hoenig, interviews with author, 2020–2021; Ryan Tracy, “FDIC

…

Powell: “Timelines of Policy Actions and Communications: Policy Normalization Principles and Plans,” Federal Reserve Board, February 22, 2019; “US Federal Reserve Calls Historic End to Quantitative Easing,” Financial Times, September 20, 2017; Jeff Cox, “Janet Yellen Calls Stock Market, Real Estate ‘High’ in Last Interview Before Exit as Fed Chief,” CNBC.

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search function. Adams, Todd A., 186–88, 191, 192, 194, 195, 198 AIG, 23 Airbnb, 297 allocation of money, 19, 20 allocative effects of quantitative easing, 27, 28 of zero bound, 19, 20, 27 American Banker, 209 American Enterprise Institute, 18 announcement effect, 134 Apollo Management, 168–70, 172–74, 180

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compared with, 222 Powell’s meeting of, 200 predictions and warnings of, 19, 34, 200, 222, 258, 302 quantitative easing critiques of, 27–28, 31–33, 62, 112, 120 quantitative easing publicly condemned by, 29, 34 quantitative easing vote of, 3, 8–11, 18, 21, 32, 34, 105, 107–9, 112, 258, 280 reputation of,

The Crisis of Crowding: Quant Copycats, Ugly Models, and the New Crash Normal

by Ludwig B. Chincarini  · 29 Jul 2012  · 701pp  · 199,010 words

New Liquidity Requirements Other Changes Some Thoughts on Basel III Appendix N: The Policy Reaction III: The Federal Reserve The Fed’s Business Unconventional Policies Quantitative Easing The Federal Hedge Fund Appendix O: The Policy Reaction IV: Fiscal Stimulus and Housing Capital Injections into the Banking System Supporting the Housing Market Stimulating

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spreadsheet program, Lotus 1-2-3 (the precursor to Excel). Business partner of Eric Rosenfeld. John Maynard Keynes: British economist who first mentioned ideas of quantitative easing. Alex Kirk: Managing Director and global head of high-yield and leveraged loans at Lehman Brothers during financial crisis. William Krasker: Principal at LTCM. Modeler

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with a 0.24% move. Thus, it takes a lot of Fed firing power to get relevant interest rates down. TABLE N.1 Effects of Quantitative Easing on Interest Rates in the United States Thus, there are some limitations to the Fed’s normal way of influencing the economy. First, if longer

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to lend up to $200 billion on a nonrecourse basis to holders of AAA-rated asset-backed securities. Quantitative Easing On November 25, 2008, the Fed announced perhaps its most unusual program of quantitative easing.3 Rather than simply manipulate the short-term Fed Funds rate, the Federal Reserve announced that it would purchase

…

securities, bringing the total to $1.25 trillion. The Fed also bought $200 billion in agency debt. They also announced the second phase of their quantitative easing technique. Instead of just buying mortgage securities, they agreed to begin buying up to $300 billion of longer-term Treasury securities over the next six

…

maturity to a 10-year maturity. This program of buying long-dated securities to try and force their yields down has become known as QE1 (quantitative easing 1). Although it was innovative, it was not only not a new idea, but had already been put into practice by the Japanese between 2001

…

bonds. Some have argued that this policy was successful in stimulating Japan’s output for a period of two and a half years.4 The quantitative easing in the United States continued further when on November 3, 2010, the Fed announced that it would purchase a further $600 billion of longer-term

…

end of the second quarter of 2011, a pace of about $75 billion per month.5 This was called QE2 (quantitative easing 2). There have been both critics and supporters of the quantitative easing programs. Ultimately, it is hard to determine whether or not these policies helped stabilize the financial markets since there were

…

bonds, the yields on 10-year Treasury bonds actually rose the following few months and were higher than at the announcement date. FIGURE N.3 Quantitative Easing Effects on Interest Rates and the Financial Stress Index Source: FRED. On November 3, 2010, the Fed formally announced the QE2 buyback plan of U

…

%. This was due to the special programs that were mentioned earlier. FIGURE N.4 shows three bars growing dramatically. These were all due to the quantitative easing programs. The Fed has bought a lot of agency bonds, that is, bonds that were sold by Freddie Mac and Fannie Mae. The Fed has

…

rate that banks use to lend reserves to each other held at the Fed. 3. For a full set of dates of announcements associated with quantitative easing, see Gagnon et al. (2010) and Krishnamurthy and Vissing-Jorgensen (2010) or http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm. 4. See Schenkelberg and Watzka (2011

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to make profits for the bank. put option The right, not obligation, to sell a security at a specified price in a specified time interval. quantitative easing A central bank program whereby the Fed attempts to influence longer-term interest rates by direct purchases of government bonds or mortgage-backed securities or

…

Electronic Market.” http://ssrn.com/abstract=1686004, January 12, 2011. Klyuev, Vladimir, Phil de Imus, and Krishna Srinivasan. “Unconventional Choices for Unconventional Times: Credit and Quantitative Easing in Advanced Economies.” IMF Staff Position Note, November 4, 2009. Kopecki, Dawn. “Freddie Paid Big Bonuses in ’04.” Wall Street Journal, June 5, 2005. Kopecki

…

. Krasker, William S. “The Rate of Return to Storing Wines.” Journal of Political Economy, December 1979. Krishnamurthy, Arvind and Annette Vissing-Jorgensen. “The Effects of Quantitative Easing on Long-Term Interest Rates.” Northwestern Working Paper, November 8, 2010. Kumar, Arun N. “American International Group: A View Through the Looking Glass as the

…

. Tables on Strength of Subprime and New Channel for Product Loans.” Investment Dealers Digest, January 10, 2005. Schenkelberg, Heike and Watzka Sebastian. “Real Effects of Quantitative Easing at the Zero-Lower Bound: Structural VAR-based Evidence from Japan.” Working Paper, February 3, 2011. Schlesinger, Jacob M. “Long-Term Capital Bailout Spotlights a

The Euro and the Battle of Ideas

by Markus K. Brunnermeier, Harold James and Jean-Pierre Landau  · 3 Aug 2016  · 586pp  · 160,321 words

, the bonds issued by the European Stability Mechanism (ESM) can be seen as Eurobonds of all euro-member states. Likewise, when the ECB started its quantitative easing (QE) measure in January 2015, several German observers complained prior to the ECB QE announcement that such an intervention would be an introduction of Eurobonds

…

resisted and said that, after the war, the Allies had given monetary policy autonomy to the Bundesbank and they had to live with it now. Quantitative Easing The differences between German and French attitudes again became very apparent in the fall of 2014 when inflation expectations dropped across Europe, including in Germany

…

-scale purchases of government debt from all member states of the euro area. It had strong support from the French side, while Germans mostly opposed quantitative easing. Further details of this program, which was announced in January 2015, are discussed in chapter 15. Policy Recommendations Solvency and liquidity are difficult to distinguish

…

money growth, contributing to a low-inflation environment. Part of the policy response involved aggressive, unconventional monetary policy measures, including, from early 2015 onward, outright quantitative easing, that is, central bank purchases of sovereign bonds. Reactions to this policy initiative again well illustrate the differences in the German and French views, as

…

it can destabilize the financial system. Hence, the reversal rate forms the effective lower bound on interest rate monetary policy. Large-Scale Asset Purchase Programs: Quantitative Easing (QE) Such pure interest rate policies, however, will not work if the interest rate required to rebalance the economy toward its full-employment equilibrium level

…

effective lower bound, the reversal rate. First of all, they can target specific asset prices and so achieve redistribution through large-scale asset purchase programs: quantitative easing (QE). Through the portfolio rebalancing effect, the central bank’s asset purchases will drive investors into other (possibly riskier) assets and so push up the

…

unlike the Greek crisis of 2012, economic contagion was, as expected by the other European leaders, rather weak. Observers in part credited the ECB’s quantitative easing program for this resiliency. Still, French observers in particular continued to stress the threats posed by contagion, arguing that with a Grexit, the “genie of

…

-term bond market. That could only be achieved through buying securities, notably long-term government bonds. Those long-term asset purchases are commonly known as quantitative easing. There are two crucial differences for the ECB between refinancing operations (taking securities as collateral in a short-term repo transaction), the conventional way, and

…

the ECB opened when the governing council decided to start purchasing government debt. This happened in May 2010, well before there was any project of quantitative easing in the euro area. The first ECB asset purchase program was the May 2010 Securities Markets Programme (SMP), which for the first time allowed National

…

ECB embarked on purchases of some government debt for reasons not directly related to monetary accommodation. The purposes of the first programs were different from quantitative easing. The stated objective was twofold: preserve financial stability and allow efficient implementation of monetary policy in all parts of the euro area. In May 2010

…

and eliminate the redenomination risk (discussed in chapter 11) that was appearing inside the euro-area capital markets. Like the SMP, the OMT was conditional. Quantitative easing was launched in 2015. This time the conditionality was very limited, which ultimately only ruled out Greece. This ultimate stretch was accepted because the official

…

not confident of being able to assess the economic consequences of their rulings and inevitably worried about a decision that might plunge Europe into turmoil. Quantitative Easing (QE) and Extraordinary Measures NEGATIVE INTEREST RATES, TLTRO, AND ASSET-BASED SECURITIES In 2014, it became increasingly clear that the ECB would miss its inflation

…

), monetary stimulus had to take a different form than interest rate reductions. The model was the United States, where the Fed implemented three rounds of quantitative easing measures involving the purchase of government bonds and mortgage-backed securities. The Fed’s approach was widely judged to have been a success that had

…

asset purchasing programs of, 343–46, 367; limited powers of, 157; Outright Monetary Transactions created by, 5, 123–25, 352–59; QE measure by, 114; Quantitative Easing by, 359–66; represented on IMF board, 296; Securities Markets Program of, 346–49; supervision of European banks by, 368–72; in troika, 25, 300

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debts of, 136; under Nazis, 147; nineteenth-century economic philosophy in, 57–59; no-bailout clause in economic philosophy in, 97–100, 116; objections to quantitative easing by, 364–65; postwar economic history of, 145–46; refugees in, 39–40, 381–82; reunification of, 81, 171; rules-driven economic philosophy of, 87

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, 316–20; falling rates of, 365; in Germany, 185; governmental defaults and, 125–26; IMF on, 301; internal devaluation and, 106–7; in Italy, 92; quantitative easing’s impact of, 366 inside money, 161 insurance, 389–90 interbank market, 166–72, 323 interest rate channel, 187 interest rates: convergence of, 166–69

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), 360–61 Jacobsson, Per, 293 James II (king, England), 88 Japan, 194; on IMF board, 296; intergenerational inequality in, 244; lost decade in, 180, 204; quantitative easing used by, 364; zombie and vampire banks in, 189 Jefferson, Thomas, 252 Jospin, Lionel, 135 Juncker, Jean-Claude: on capital markets union, 221; on escalating

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and, 285; after global financial crisis, 283; on tax on Cypriot bank deposits, 199 Putnam, Robert, 50, 261 quantitative and qualitative monetary easing (QQE), 364 quantitative easing (QE), 114, 190–91, 344, 346, 361–67 Radicova, Iveta, 130 Rajoy, Mariano, 32, 94, 151 Ramey,. Valerie A., 142 Rathenau, Walter, 59–60 recapitalization

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