The ‘Apollo 13’ of macroeconomic policy: The ‘successful failure’ of the UK quantitative easing anti-crisis monetary mission

Glauco De Vita, Andrew Abbott

Research output: Contribution to journalArticle

4 Citations (Scopus)

Abstract

This article appraises the recent UK quantitative easing (QE) monetary experiment. From March 2009 to February 2010, the Bank of England spent £200 billion on gilts and corporate bonds. This experiment represents, as a proportion of GDP, the most ambitious monetary policy ‘mission’ in history. Using several indicators to examine the impact of QE, our analysis leads to a conclusion which, metaphorically, is akin to that ascribed to the 1970 Apollo 13 Moon mission: a ‘successful failure’.
Original languageEnglish
Pages (from-to)387-394
Number of pages8
JournalPublic Money & Management
Volume31
Issue number6
DOIs
Publication statusPublished - 2011

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