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1、FourStoriesofQuantitativeEasingBrettW.FawleyandChristopherJ.NeelyThisarticledescribesthecircumstancesofandmotivationsforthequantitativeeasingprogramsoftheFederalReserve,BankofEngland,EuropeanCentralBank,andBankofJapanduringtherecentfinancialcrisisandreco
2、very.Theprogramsinitiallyattemptedtoalleviatefinancialmarketdistress,butthispur-posesoonbroadenedtoincludeachievinginflationtargets,stimulatingtherealeconomy,andcontain-ingtheEuropeansovereigndebtcrisis.TheEuropeanCentralBankandBankofJapanfocusedtheirpro
3、gramsondirectlendingtobanks—reflectingthebank-centricstructureoftheirfinancialsystems—whiletheFederalReserveandtheBankofEnglandexpandedtheirrespectivemonetarybasesbypur-chasingbonds.(JELE51,E58,E61,G12)FederalReserveBankofSt.LouisReview,January/February2
4、013,95(1),pp.51-88.entralbankstypicallyconductmonetarypolicythroughcontrolofshort-termnominalinterestratesthatcanpotentiallyaffecttheeconomythroughavarietyofchannels.CBecauseinflationexpectationsdonotimmediatelyreactoneforonetochangesinnomi-nalinterestra
5、tes,centralbankscanalsocontrolrealinterestrates,atleastovertheshorttomediumterm.Thetypicalassumptionisthatmonetarypolicychangesreal(inflation-adjusted)short-termratestoinfluenceeconomicdecisionsthroughtheireffectonotherassetprices.Thatis,realinterestrate
6、swillchangeassetpricesinsuchawayastochangethewillingnessofbankstolend,firmstoinvest,orindividualstoconsumeorinvestinhousing.Thus,achangeinshort-termrealinterestratespotentiallyinfluencesthelevelofoutputandemployment.Becausepeoplecanalwaysholdcurrencyinst
7、eadofdepositingitinabank,short-termnominalinterestratescannotgo(much)belowzero,whichlimitstheeffectivenessofconven-tionalmonetarypolicy.1ConcernsabouttheconsequencesofthezeroboundforinterestratesdateatleasttoKeynes(1936),andmanyobservershavebelievedthatc
8、entralbanksarehelplesswhenshort-termratesarenearthezerobound.Manyothers,however,havearguedthatcentralbankscaninfluencepricesandoutputevenwhenshort-termratesareneartheirzerofloorbyincreasingliquidity,particularlybypurchasin
