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 journalArticlepeer-review

    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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