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Quantitative easing is a term for when a central bank creates new money out of 'thin air' to inject into the banking system. The aim is to increase the amount of deposits in private banks so that, by way of deposit multiplication, they can increase the money supply by increasing debt (lending).
'Quantitative' refers to the money supply; 'easing' refers to reducing the pressure on banks.[1] A central bank can do this by using this new money to buy government bonds (Treasury securities in the United States) in the open market, or by lending the new money to deposit-taking institutions, or by buying assets from banks in exchange for currency, or any combination of these actions. These have the effects of reducing interest yields on government bonds, and reducing inter-bank overnight interest rates, and thereby encourage banks to loan money to higher interest-paying bodies.
In layman's terms, the central bank creates new money and through the various purchases described above this new money is deposited in accounts in private banks. The private banks can then in turn create new money themselves through Fractional Reserve Banking in a process known as 'deposit multiplication'. The US Federal Reserve's now out of print booklet Modern Money Mechanics explains the process.
Quantitative easing was used notably by the Bank of Japan (BOJ) to fight domestic deflation in the early 2000s.[2] More recently during the global financial crisis of 2008, policies announced by the US Federal Reserve under Ben Bernanke to counter the effects of the crisis have been likened to quantitative easing coupled with the issuance of new debt on the US federal balance sheet.[3][4]
In Japan's case, the BOJ had been maintaining short-term interest rates at close to their minimum attainable zero values since 1999. With quantitative easing, it flooded commercial banks with excess liquidity to promote private lending, leaving them with large stocks of excess reserves, and therefore little risk of a liquidity shortage.[5] The BOJ accomplished this by buying more government bonds than would be required to set the interest rate to zero. It also bought asset-backed securities, equities, and extended the terms of its commercial paper purchasing operation. [6]
La bce potrebbe adottare anche queste misure straordinarie che se ho capito bene sono già utilizzate dalla boe e dalla fed
non mi è ben chiaro quando come e cosa
'Quantitative' refers to the money supply; 'easing' refers to reducing the pressure on banks.[1] A central bank can do this by using this new money to buy government bonds (Treasury securities in the United States) in the open market, or by lending the new money to deposit-taking institutions, or by buying assets from banks in exchange for currency, or any combination of these actions. These have the effects of reducing interest yields on government bonds, and reducing inter-bank overnight interest rates, and thereby encourage banks to loan money to higher interest-paying bodies.
In layman's terms, the central bank creates new money and through the various purchases described above this new money is deposited in accounts in private banks. The private banks can then in turn create new money themselves through Fractional Reserve Banking in a process known as 'deposit multiplication'. The US Federal Reserve's now out of print booklet Modern Money Mechanics explains the process.
Quantitative easing was used notably by the Bank of Japan (BOJ) to fight domestic deflation in the early 2000s.[2] More recently during the global financial crisis of 2008, policies announced by the US Federal Reserve under Ben Bernanke to counter the effects of the crisis have been likened to quantitative easing coupled with the issuance of new debt on the US federal balance sheet.[3][4]
In Japan's case, the BOJ had been maintaining short-term interest rates at close to their minimum attainable zero values since 1999. With quantitative easing, it flooded commercial banks with excess liquidity to promote private lending, leaving them with large stocks of excess reserves, and therefore little risk of a liquidity shortage.[5] The BOJ accomplished this by buying more government bonds than would be required to set the interest rate to zero. It also bought asset-backed securities, equities, and extended the terms of its commercial paper purchasing operation. [6]
La bce potrebbe adottare anche queste misure straordinarie che se ho capito bene sono già utilizzate dalla boe e dalla fed
non mi è ben chiaro quando come e cosa
su molte obbligazioni i m.m vendono cara la pelle e non svendono nulla