TY - JOUR
T1 - The ‘Apollo 13’ of macroeconomic policy
T2 - The ‘successful failure’ of the UK quantitative easing anti-crisis monetary mission
AU - De Vita, Glauco
AU - Abbott, Andrew
PY - 2011
Y1 - 2011
N2 - 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’.
AB - 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’.
U2 - 10.1080/09540962.2011.618762
DO - 10.1080/09540962.2011.618762
M3 - Article
SN - 0954-0962
VL - 31
SP - 387
EP - 394
JO - Public Money & Management
JF - Public Money & Management
IS - 6
ER -