Monetary policy in a period of financial chaos在一个时期的金融混乱的货币政策.pptVIP

Quantitative easing We are right now in a situation of quantitative easing. Since 21 April 2009, settlement balances are set each day at $3 B by the central bank (banks have $3B reserves, instead of zero as before). The only difference is that, instead of the excess settlement balances being provided by moving around government deposits, quantitative easing would provide the excess balances through open market operations (or by purchasing private assets). Misleading claims on behalf of quantity easing “The expansion of the amount of settlement balances available to [banks] would encourage the