In Japan
 After 2007
 QE1, QE2, and QE3
 Adverse impact on savings and pensions
 Inflation from purchasing liquid assets
 Housing market over-supply and QE3
"The impetus ... is to aid the housing market. That's an area that's fallen short in this recovery. In most other U.S. postwar recoveries, we've seen a pretty sharp snap back in housing. Of course, the reason it hasn't come back in this recovery is that this recession was essentially caused by us building too many houses prior to the recession. We still have a huge overhang of houses that haven't been sold that are vacant. And it's going to take us a while before we want the houses we have, much less need to build more."
 Capital flight
 Comparison with other instruments
 Qualitative easing
Quantitative easing is an increase in the size of the balance sheet of the central bank through an increase [in its] monetary liabilities (base money), holding constant the composition of its assets. Asset composition can be defined as the proportional shares of the different financial instruments held by the central bank in the total value of its assets. An almost equivalent definition would be that quantitative easing is an increase in the size of the balance sheet of the central bank through an increase in its monetary liabilities that holds constant the (average) liquidity and riskiness of its asset portfolio. Qualitative easing is a shift in the composition of the assets of the central bank towards less liquid and riskier assets, holding constant the size of the balance sheet (and the official policy rate and the rest of the list of usual suspects). The less liquid and more risky assets can be private securities as well as sovereign or sovereign-guaranteed instruments. All forms of risk, including credit risk (default risk) are included.
 Credit easing
Our approach—which could be described as "credit easing"—resembles quantitative easing in one respect: It involves an expansion of the central bank's balance sheet. However, in a pure QE regime, the focus of policy is the quantity of bank reserves, which are liabilities of the central bank; the composition of loans and securities on the asset side of the central bank's balance sheet is incidental. Indeed, although the Bank of Japan's policy approach during the QE period was quite multifaceted, the overall stance of its policy was gauged primarily in terms of its target for bank reserves. In contrast, the Federal Reserve's credit easing approach focuses on the mix of loans and securities that it holds and on how this composition of assets affects credit conditions for households and businesses.
 Printing money
 Altering debt maturity structure
 See also
- "Loose thinking". The Economist. 15 October 2009. http://www.economist.com/node/14649284.
- Publications | Learning the Lessons from QE and Other Unconventional Monetary Policies: 17–18 November. Bank of England (18 November 2011).
- Quantitative Easing Explained. London: Bank of England. 2011. http://www.bankofengland.co.uk/monetarypolicy/pdf/qe-pamphlet.pdf. "The MPC's decision to inject money directly into the economy does not involve printing more banknotes. Instead, the Bank buys assets from private sector institutions – that could be insurance companies, pension funds, banks or non-financial firms – and credits the seller's bank account."
- "Quantitative Easing". Bank of England. http://www.bankofengland.co.uk/publications/quarterlybulletin/qb090201.pdf. "The Bank can create new money electronically by increasing the balance on a reserve account. So when the Bank purchases an asset from a bank, for example, it simply credits that bank's reserve account with the additional funds. This generates an expansion in the supply of central bank money"
- "Q&A: Quantitative easing". BBC. 9 March 2009. http://news.bbc.co.uk/1/hi/business/7924506.stm. Retrieved 29 March 2009.
- "Quantitative Easing Explained". Bank of England. http://www.bankofengland.co.uk/monetarypolicy/assetpurchases.htm. "This does not involve printing more banknotes. Instead the Bank pays for these assets by creating money electronically and crediting the accounts of the companies it bought the assets from."
- Elliott, Larry (8 January 2009). "Guardian Business Glossary: Quantitative Easing". The Guardian (London). http://www.guardian.co.uk/business/2008/oct/14/businessglossary. Retrieved 19 January 2009.
- Open market operations: A Glossary of Political Economy Terms – Dr. Paul M. Johnson. Auburn.edu.
- Open Market Operation – Fedpoints. Federal Reserve Bank of New York.
- Monetary policy Instruments. Swiss National Bank.
- The implementation of monetary policy in the euro area. European Central Bank. 2008. pp. 14–19.
- "Dr. Econ: I noticed that banks have dramatically increased their excess reserve holdings. Is this buildup of reserves related to monetary policy?". Federal Reserve Bank of San Francisco. March 2010. http://www.frbsf.org/education/activities/drecon/2010/0310.html. Retrieved 4 April 2011.
- Bernanke, Ben (13 January 2009). "The Crisis and the Policy Response". Federal Reserve. http://www.federalreserve.gov/newsevents/speech/bernanke20090113a.htm. Retrieved 4 April 2011.
- Bowlby, Chris (5 March 2009). "The fear of printing too much money". BBC News. http://news.bbc.co.uk/2/hi/business/7925981.stm. Retrieved 25 June 2011.
- Isidore, Chris (5 October 2010). "Federal Reserve move toward quantitative easing poses risks". CNNMoney.com. http://money.cnn.com/2010/10/05/news/economy/Fed_quantitative_easing/index.htm. Retrieved 25 June 2011.
- Abel, Andrew; Bernanke, Ben (2005), "14.1", Macroeconomics (5th ed.), Pearson, pp. 522–532
- Mankiw, N. Gregory (2002), "Chapter 18: Money Supply and Money Demand", Macroeconomics (5th ed.), Worth, pp. 482–489
- Eggertsson, Gauti. "The New Palgrave Dictionary of Economics". http://www.newyorkfed.org/research/economists/eggertsson/palgrave.pdf.
- Billi, Roberto M.; Kahn, George A. (2008). "What is the optimal inflation rate?". Federal Reserve Bank of Kansas City Economic Review (2). http://www.kansascityfed.org/Publicat/ECONREV/PDF/2q08billi_kahn.pdf.
- Bullard, James (Jan 2010). "Quantitative easing—uncharted waters for monetary policy". Federal Reserve Bank of St. Louis. http://stlouisfed.org/publications/re/articles/?id=1862. Retrieved 26 July 2011.
- Quantitative Easing explained. Bank of England. pp. 7–9. ISBN 1-85730-114-5. http://www.bankofengland.co.uk/monetarypolicy/pdf/qe-pamphlet.pdf. Retrieved 20 July 2010. "(page 7) Bank buys assets from … institutions … credits the seller's bank account. So the seller has more money in their bank account, while their bank holds a corresponding claim against the Bank of England (known as reserves … (page 8) high-quality debt … (page 9) … such as shares or company bonds. That will push up the prices of those assets,"
- "Quantitative easing: A therapy of last resort". The New York Times. 1 January 2009. http://www.nytimes.com/2009/01/11/business/worldbusiness/11iht-views12.1.19248009.html. Retrieved 12 July 2010.
- Stewart, Heather (29 January 2009). "Quantitative easing: last resort to get credit moving again". The Guardian (London). http://www.guardian.co.uk/business/2009/jan/29/question-and-answer-quantitative-easing. Retrieved 12 July 2010.
- "Protocol on the Statute of the European System of Central Banks and of the European Central Bank: statements 14.4, 18.2". pp. 5–6. http://www.ecb.int/ecb/legal/pdf/en_statute_2.pdf. Retrieved 7 April 2011.
- Shirakawa, Masaaki, "One Year Under 'Quantitative Easing'", Institute for Monetary and Economic Studies, Bank of Japan, 2002.
- Bank of Japan, New Procedures for Money Market Operations and Monetary Easing, 19 March 2001. Retrieved 9 August 2010.
- Hiroshi Fujiki et. al., Monetary Policy under Zero Interest Rate: Viewpoints of Central Bank Economists, Monetary and Economic Studies, February 2001, p.98. Retrieved 9 August 2010.
- First in the headline of Richard Werner's article in the Nikkei, the main Japanese financial daily newspaper: Richard Werner (1995), "Keizai Kyoshitsu: Keiki kaifuku, ryoteiki kinyu kanwa kara," Nikkei, 2 September 1995, p. 26
- "Japan sets inflation goal in fight against deflation". BBC News. 16 February 2010. http://news.bbc.co.uk/2/hi/8517760.stm. Retrieved 4 April 2011.
- Mark Spiegel. "FRBSF: Economic Letter—Quantitative Easing by the Bank of Japan (11/02/2001)". Federal Reserve Bank of San Francisco. http://www.frbsf.org/publications/economics/letter/2001/el2001-31.html. Retrieved 19 January 2009.
- Voutsinas, Konstantinos, and Richard A. Werner, "New Evidence on the Effectiveness of 'Quantitative Easing' in Japan", Centre for Banking, Finance and Sustainable Development, School of Management, University of Southampton.
- Easing Out of the Bank of Japan's Monetary Easing Policy (2004–33, 19 November 2004). Frbsf.org.
- PIMCO/Tomoya Masanao interview[dead link]
- Alloway, Tracy, The Unthinkable Has Happened, ft.com, 10 November 2008. Retrieved 9 August 2010.
- 'Bernanke-san' Signals Policy Shift, Evoking Japan Comparison, Bloomberg.com, 2 December 2008
- Bank pumps £75bn into economy, ft.com, 5 March 2009
- Lynn, Matthew, "What central banks provide, oil markets take away", MarketWatch, 29 February 2012. Retrieved 29 February 2012.
- Evans, Rachel, Unsellable bonds structured to abuse ECB scheme, IFLR, 2 February 2009
- Bean, Charles (July 2009). "Ask the Deputy Governor". Bank of England. http://www.bankofengland.co.uk/monetarypolicy/qe/askqa.htm. Retrieved 12 July 2010.
- Nevin, Michael (2012). The Golden Guinea. The International Financial Crisis, 2007–2014: Causes, Consequences and Cures. Southdown Books. p. 281. ISBN 978-0-85730-103-1.
- The Distributional Effects of Asset Purchases, Bank of England, July 2012
- Harding, Robin. (3 November 2010) Quantitative easing explained. Financial Times.
- Censky, Annalyn (3 November 2010). "QE2: Fed pulls the trigger". CNNmoney.com. http://money.cnn.com/2010/11/03/news/economy/fed_decision/index.htm. Retrieved 10 August 2011.
- What is the Federal Reserve Quantitative Easing. Useconomy.about.com (22 September 2011).
- Zumbrun, Joshua (13 September 2012). "Fed Undertakes QE3 With $40 Billion MBS Purchases Per Month". Bloomberg News. http://www.bloomberg.com/news/2012-09-13/fed-plans-to-buy-40-billion-in-mortgage-securities-each-month.html. Retrieved 13 September 2012.
- [dead link]
- Arnott, Sarah (23 December 2010). "Downward revision for third-quarter growth". The Independent (London). http://www.independent.co.uk/news/business/news/downward-revision-for-thirdquarter-growth-2167438.html.
- "Bank of England injects further £75bn into economy". BBC News. 6 October 2011. http://www.bbc.co.uk/news/business-15196078.
- "Bank of England injects another £50bn into UK economy". BBC News. 9 February 2012. http://www.bbc.co.uk/news/business-16963116.
- Publications | Bank of England maintains Bank Rate at 0.5% and increases size of Asset Purchase Programme by £50 billion to £375 billion. Bank of England.
- "A flat economy (cont'd)". BBC News. 12 January 2012. http://www.bbc.co.uk/news/business-16538773.
- Duncan, Gary (8 May 2009). "European Central Bank opts for quantitative easing to lift the eurozone". The Times (London). http://business.timesonline.co.uk/tol/business/economics/article6244869.ece.
- Quantitative Easing – A lesson learned from Japan. Oye Times.
- "Japan government and central bank intervene to cut yen". BBC News. 4 August 2011. http://www.bbc.co.uk/news/business-14398392.
- Bank of Japan increases QE by 10 trillion yen. Banking Times (4 August 2011).
- "Bank of Japan increases stimulus and keeps rates low". BBC News. 27 October 2011. http://www.bbc.co.uk/news/business-15472839.
- Fed's desperate measure is a watershed moment, John Authers, The Long View, Financial Times, 5 November 2010
- Conerly, Bill (13 September 2012). "QE3 and the Economy: It Will Help, But Not Solve All Problems". Forbes. http://www.forbes.com/sites/billconerly/2012/09/13/qe3-and-the-economy-it-will-help-but-not-solve-all-problems/. Retrieved 13 September 2012.
- Inman, Phillip (14 July 2011). "Moody's sounds note of caution while Bernanke promises support for US economy". The Guardian (London). http://www.guardian.co.uk/business/2011/jul/13/bernanke-ready-for-more-quantitative-easing. Retrieved 19 July 2011.
- Goldstein, Steve (13 September 2012). "Fed To Launch QE3 Of $40 Billion MBS Each Month". http://www.foxbusiness.com/markets/2012/09/13/fed-to-launch-qe3-40-billion-mbs-each-month/. Retrieved 19 September 2012.
- Jensen, Greg (19 September 2012). "QE3 Launched: The Ever Decreasing Effects of Monetary Stimulus". http://community.nasdaq.com/News/2012-09/qe3-launched-the-ever-decreasing-effects-of-monetary-stimulus.aspx?storyid=174677. Retrieved 19 September 2012.
- Egan, Matt (14 September 2012). "QE3 Sparks U.S. Credit Ratings Downgrade From Egan-Jones". http://www.foxbusiness.com/government/2012/09/14/fearing-qe3-egan-jones-downgrades-us-again/. Retrieved 19 September 2012.
- Unconventional Choices for Unconventional Times: Credit and Quantitative Easing in Advanced Economies; by Vladimir Klyuev, Phil de Imus, and Krishna Srinivasan; IMF Staff Position Note SPN/09/27; November 4, 2009.. (PDF).
- Feldstein, Martin (24 February 2011). "Quantitative Easing and America's Economic Rebound". project-syndicate.org. Project Syndicate. http://www.project-syndicate.org/commentary/feldstein33/English. Retrieved 4 April 2011.
- Navarro, Bruno J.. (12 July 2012) CNBC coverage of Greenspan. Finance.yahoo.com.
- "Open letter to Ben Bernanke". The Wall Street Journal. 15 November 2010. http://blogs.wsj.com/economics/2010/11/15/open-letter-to-ben-bernanke/. Retrieved 9 October 2011.
- M. Nicolas J. Firzli quoted in Sinead Cruise (4 August 2012). "‘Zero Return World Squeezes Retirement Plans’". Reuters with CNBC (.). http://www.cnbc.com/id/48484139. Retrieved 5 Aug 2012.
- Thornton, Daniel L. (2010). "The downside of quantitative easing". Federal Reserve Bank of St. Louis Economic Synopses (34). http://research.stlouisfed.org/publications/es/10/ES1034.pdf.
- Inman, Phillip (29 June 2011). "How the world paid the hidden cost of America's quantitative easing". The Guardian (London). http://www.guardian.co.uk/business/2011/jun/29/how-world-paid-hidden-cost-america-quantitative-easing.
- National Public Radio (September 15, 2012) "Fed's Latest Stimulus Lacked Unanimous Support" All Things Considered
- Lynch, David J. (17 November 2010). "Bernanke's 'Cheap Money' Stimulus Spurs Corporate Investment Outside U.S". Bloomberg. http://www.bloomberg.com/news/2010-11-17/bernanke-s-cheap-money-stimulus-spurs-corporate-investment-outside-u-s-.html.
- Willem Buiter (9 December 2008). "Quantitative easing and qualitative easing: a terminological and taxonomic proposal". http://blogs.ft.com/maverecon/2008/12/quantitative-easing-and-qualitative-easing-a-terminological-and-taxonomic-proposal/. Retrieved 2009-02-02.
- Credit Easing versus Quantitative Easing. Federalreserve.gov (13 January 2009).
- Credit Easing Definition. Financial Times Lexicon.
- How Bernanke's Policy of 'Credit Easing' Works. BusinessWeek (28 January 2009).
- Stephanomics: Is quantitative easing really just printing money?. BBC.
- Mackintosh, James. (2 December 2010) QE: Replacement not debasement. FT.com.
- Hyde, Deborah. (8 November 2010) Ask Citywire: Quantitative easing part II – Citywire Money. Citywire.co.uk.
- Bullard, James (30 June 2009). Exit Strategies for the Federal Reserve (Speech). Global Interdependence Center, Philadelphia, Pennsylvania, United States.
- "Bank of England to create new money: a Q&A". The Daily Telegraph (London). 5 March 2009. http://www.telegraph.co.uk/finance/financetopics/recession/4941631/Bank-of-England-to-creating-new-money-a-QandA.html.
- Duncan, Gary (5 March 2009). "Bank should start printing money says Times MPC". The Times (London). http://business.timesonline.co.uk/tol/business/economics/the_times_mpc/article5847958.ece.
- Stephanomics. BBC.
- Wolf, Martin. (16 December 2008) "‘Helicopter Ben’ confronts the challenge of a lifetime". Financial Times.
- Speech, Bernanke -Deflation- November 21, 2002. Federal Reserve Bank.
- McTeer, Bob (23 December 2010). "There's nothing wrong with the Fed printing money". Forbes. http://blogs.forbes.com/beltway/2010/12/23/theres-nothing-wrong-with-the-fed-printing-money/.
- McTeer, Bob (26 August 2010). "Quantitative easing is a toxic phrase for a routine policy". Forbes. http://blogs.forbes.com/beltway/2010/08/26/quantitative-easing-is-a-toxic-phrase-for-a-routine-policy/.
- Speeches by Richard W. Fisher. Dallas Fed (8 November 2010).
- "Twisted thinking: Government Debt-Managers May be Undermining Quantitative Easing". The Economist. 31 March 2011. http://www.economist.com/node/18486271?story_id=18486271. Retrieved 10 April 2011.
|Look up quantitative easing in Wiktionary, the free dictionary.|
- Credit Easing Policy Tools Interactive chart of the assets on Federal Reserve's balance sheet.
- Deflation: Making Sure "It" Doesn't Happen Here, 2002 speech by Ben Bernanke on deflation and the utility of quantitative easing
- Bank of England – Quantitative Easing
- Bank of England – QE Explained Pamphlet
- Modern Money Mechanics Federal Reserve Document Explaining How Money Is Created
- Quantitative easing explained (Financial Times Europe)
- A Fed Governor Discusses Quantitative Easing Among Other Topics
The Blogger Ref Link http://www.p2pfoundation.net/Transfinancial_Economics