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Sharpe, T.P. and Watts, M.J., 2013. Unconventional monetary policy in the UK: a modern money critique. Economic Issues, 18 (2), pp. 41-64. ISSN 1363-7029
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Abstract
The ongoing Global Financial Crisis (GFC) has posed a growing challenge to the implementation of monetary stimulus measures in both sovereign (e.g. US, UK, Japan) and non-sovereign (eurozone) economies. With the policy rate close to the zero nominal bound, the UK has relied on quantitative easing, ostensibly to improve market liquidity and/or stimulate economic activity, despite being freed from the policy constraints of a non-sovereign economy. The evidence regarding the macroeconomic effects of quantitative easing is, however, largely inconclusive. Meanwhile, UK growth forecasts have been revised downwards but, at the time of writing, the government remains committed to its fiscal austerity programme. In this paper we explore the origins of quantitative easing, its underlying objectives, the theoretical arguments for its use and the empirical evidence concerning its impact. Our analysis focuses on the policies of the Bank of England since the advent of the GFC, and is informed by the principles of Modern Monetary Theory.
| Item Type: | Journal article |
|---|---|
| Publication Title: | Economic Issues |
| Creators: | Sharpe, T.P. and Watts, M.J. |
| Publisher: | Economic Issues Education Fund |
| Place of Publication: | Nottingham |
| Date: | 2013 |
| Volume: | 18 |
| Number: | 2 |
| ISSN: | 1363-7029 |
| Divisions: | Schools > Nottingham Business School |
| Record created by: | EPrints Services |
| Date Added: | 09 Oct 2015 10:30 |
| Last Modified: | 19 Oct 2015 14:33 |
| URI: | https://irep.ntu.ac.uk/id/eprint/13976 |
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