TY  - UNPD
A1  - Wieland, Volker
T1  - Quantitative easing: a rationale and some evidence from Japan
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2009,30
N2  - This paper reviews the rationale for quantitative easing when central bank policy rates reach near zero levels in light of recent announcements regarding direct asset purchases by the Bank of England, the Bank of Japan, the U.S. Federal Reserve and the European Central Bank. Empirical evidence from the previous period of quantitative easing in Japan between 2001 and 2006 is presented. During this earlier period the Bank of Japan was able to expand the monetary base very quickly and significantly. Quantitative easing translated into a greater and more lasting expansion of M1 relative to nominal GDP. Deflation subsided by 2005. As soon as inflation appeared to stabilize near a rate of zero, the Bank of Japan rapidly reduced the monetary base as a share of nominal income as it had announced in 2001. The Bank was able to exit from extensive quantitative easing within less than a year. Some implications for the current situation in Europe and the United States are discussed.
T3  - CFS working paper series - 2009, 30 
KW  - Deflation
KW  - Quantitative Easing
KW  - Japan
KW  - Monetary Policy
KW  - Zero Bound
KW  - Japan
KW  - Bankbilanz
KW  - Risikoanalyse
KW  - Methode
KW  - Wertpapierportefeuille
KW  - Geldpolitik
KW  - Kursanomalie
Y1  - 2009
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/7388
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-73605
ER  -