The QE experience: Worth a try?

Christophe Blot (), Jerome Creel, Paul Hubert and Fabien Labondance
Additional contact information
Christophe Blot: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po

Post-Print from HAL

Abstract: The ECB has decided to implement large-scale quantitative easing (QE) measures since March 2015 until September 2016. This unconventional monetary policy has had a variety of precedents, in the Japanese, UK and US economies. These experiments have been effective a tmodifying government and corporate bond yields, mostly in the UK and US and to a lesser extent in Japan. This conclusion is not context-free. The European QE has started in a deflation era which requires more activism and cooperation from the ECB and Euro area governments than in the UK and the US when their central banks embarked in QE. The success of the European QE will also depend substantially on the depreciation of the Euro and will require clear communication by the ECB that it is prepared to accept a large depreciation at least until the inflation rate goes back to its target.

Keywords: Quantitative easing (EQ) measures; Unconventional monetary policy; Depreciation of the Euro (search for similar items in EconPapers)
Date: 2015-04
Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03459951v1
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

Published in OFCE Briefing Paper, 2015, 10, pp.1 - 21

Downloads: (external link)
https://sciencespo.hal.science/hal-03459951v1/document (application/pdf)

Related works:
Working Paper: The QE experience: Worth a try? (2015)
Working Paper: The QE experience: Worth a try? (2015)
Working Paper: The QE experience: worth a try? (2015)
Working Paper: The QE experience: Worth a try? (2015)
Working Paper: The QE experience: worth a try? (2015)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03459951

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().