Skip to main content Accessibility help
  • Get access
    Check if you have access via personal or institutional login
  • Cited by 3
  • Print publication year: 2011
  • Online publication date: November 2011

9 - QE – one year on



This has been a truly extraordinary year for our economy and for economic policy.

A year ago – almost to this very day – the Monetary Policy Committee conducted its first gilt auction as part of its asset purchase programme, or its policy of quantitative easing as it became known. The need for policy action was clear. The three months to March 2009 are estimated to have seen the sharpest quarterly contraction in GDP since comparable records began in the 1950s. Manufacturing output was contracting at an annualised rate of close to 20 per cent. Claimant count unemployment was rising at the fastest rate on record.

Related content

Powered by UNSILO
Andrés, J.López-Salido, D. J.Nelson, E. 2004 Tobin’s imperfect substitution in optimising general equilibriumJournal of Money, Credit and Banking 36 665
Bernanke, B. S.Reinhart, V. R.Sack, B. P. 2004 1
Brunnermeier, M. K.Pedersen, L. H. 2009 Market liquidity and funding liquidityReview of Financial Studies 22 2201
Del Negro, M.Eggertsson, G.Ferrero, A.Kiyotaki, N. 2009
Duffie, D.Gârleanu, N.Pedersen, L. H. 2007 Valuation in over-the-counter marketsThe Review of Financial Studies 20 1865
Eggertsson, G.Woodford, M. 2003 212
Fisher, P. 2010
Gertler, M.Kiyotaki, N. 2009
Kiyotaki, N.Moore, J. 2008
Krugman, P. R. 1998 137
Svensson, L. E. O. 2001 The zero bound in an open economy: a foolproof way of escaping from a liquidity trapMonetary and Economic Studies 19 277
Thomas, R. 1997
Tobin, J. 1958 Liquidity preference as behaviour towards riskThe Review of Economic Studies 25
Vayanos, D.Weill, P.-O. 2008 A search-based theory of the on-the-run phenomenonJournal of Finance 63 1361
Walsh, C. 2003 Monetary Theory and PolicyCambridge, MAThe MIT Press
Woodford, M. 2003 Interest and PricesPrinceton University Press