79
80
Bhattarai, S., Eggertsson, G. B., & Gafarov, B. (2014). Time Consistency and the Duration of Government Debt: A Signalling Theory of Quantitative Easing (NBER Working Paper No.
21336).
Blinder, A. S. (2010). Quantitative Easing: Entrance and Exit Strategies, 92(December), 465–480.
Blot, C., Creel, J., Hubert, P., & Landondance, F. (2015). The QE experience: Worth a try? (OFCE Briefing Paper No. 10/ April 27).
BOE. (2016). Monetary Policy Summary. Bank of England. London. Retrieved from http://www.bankofengland.co.uk/publications/Pages/news/2016/005.aspx
Bowman, D., Londono, J. M., & Sapriza, H. (2015). U.S. Unconventional Monetary Policy and Transmission to Emerging Market Economies (Discussion Papers No. 1109). International Finance Discussion Papers. Washington, D.C., June 23.
http://doi.org/10.1016/j.jimonfin.2015.02.016
Buiter, W., Rahbari, E., & Seydl, J. (2015). Secular stagnation: The time for one-armed policy is over.
Retrieved July 16, 2016, from http://voxeu.org/article/secular-stagnation-time-one-armed-policy-over
Campbell, J. R., Fisher, J. D. M., Evans, C. L., & Justiniano, A. (2012). Macroeconomic Effects of Federal Reserve Forward Guidance (Federal Reserve of Chicago, Working Paper No. 2012-03).
http://doi.org/10.1353/eca.2012.0004
Chen, H., Cúrdia, V., & Ferrero, A. (2011). The Macroeconomic Effects of Large-Scale Asset Purchase Programs (Staff Report, Federal Reserve Bank of New York, No. 527).
Chen, Q., Filardo, A., He, D., & Zhu, F. (2014). Financial Crisis, Unconventional Monetary Policy and International Spillovers (HKIMR Working Paper No. 23/2014).
Chen, Q., Lombardi, M., Ross, A., & Zhu, F. (2015). Global Impact of US and Euro Area
Unconventional Monetary Policies: A Comparison. In 16th Jacques Polak Annual Research Conference (pp. 0–41). Washington, D.C., November 5-6: IMF.
Christensen, J. H. E., & Rudebusch, G. D. (2012). The Response of Interest Rates to U.S. and U.K.
Quantitative Easing. The Economic Journal, 122(564)(May).
Chung, H., Laforte, J. P., Reifschneider, D., & Williams, J. C. (2012). Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events? Journal of Money, Credit and Banking, 44(SUPPL. 1), 47–82. http://doi.org/10.1111/j.1538-4616.2011.00478.x
Claeys, G. (2014). The (not so) Unconventional Monetary Policy of the European Central Bank since 2008. Brussels. Retrieved from http://www.europarl.europa.eu/studies
Claeys, G., & Leandro, A. (2016). THE EUROPEAN CENTRAL BANK’S QUANTITATIVE EASING PROGRAMME: LIMITS AND RISKS. Bruegel Policy Contribution, 04(2016).
81
Claeys, G., Leandro, A., & Mandra, A. (2015). EUROPEAN CENTRAL BANK QUANTITATIVE EASING: THE DETAILED MANUAL. Bruegel Policy Contribution, 02(2015).
Cohen-Setton, J. (2015). Permanent QE and helicopter money. Retrieved May 24, 2016, from http://bruegel.org/2015/01/permanent-qe-and-helicopter-money/
Constâncio, V. (2015). Assessing the new phase of unconventional monetary policy at the ECB.
University of Mannheim, August 25: ECB.
D’Amico, S., & King, T. B. (2013). Flow and stock effects of large-scale treasury purchases: Evidence on the importance of local supply. Journal of Financial Economics, 108(2), 425–448.
http://doi.org/10.1016/j.jfineco.2012.11.007
Darracq-paries, M., & De Santis, R. (2013). A Non-Standard Monetary Policy Shock The ECB’s 3-Year LTROs And the Shift in Credit Supply (ECB Working Paper Series No. 1508).
Draghi, M. (2015). Global and domestic inflation. New York, December 4: ECB. Retrieved from https://www.ecb.europa.eu/press/key/date/2015/html/sp151204.en.html
Draghi, M., & Constâncio, V. (2015). Introductory statement to the press conference (with Q&A).
ECB. Frankfurt am Main, December 3: ECB. Retrieved from
https://www.ecb.europa.eu/press/pressconf/2015/html/is151203.en.html
Draghi, M., & Constâncio, V. (2016). Introductory statement to the press conference (with Q&A).
Frankfurt am Main, March 10: ECB. Retrieved from
https://www.ecb.europa.eu/press/pressconf/2016/html/is160310.en.html
Dudley, W. C. (2013). Lessons at the Zero Bound: The Japanese and U.S. Experience. New York, May 21: Federal Reserve Bank of New York City. Retrieved from
https://www.newyorkfed.org/newsevents/speeches/2013/dud130521.html
Dunne, B. P., Everett, M., & Stuart, R. (2015). The Expanded Asset Purchase Programme – What , Why and How of Euro Area QE. Central Bank of Ireland Quartely Bulletin, 03, 61–71.
Dupor, W. (2015). Liftoff and the Natural Rate of Interest. Retrieved July 27, 2016, from
https://www.stlouisfed.org/on-the-economy/2015/june/liftoff-and-the-natural-rate-of-interest Duprat, M.-H. (2015a). Euro zone: In the grip of “secular stagnation”? ECONOTE, Societe Generale,
28(March 2015), 1–20.
Duprat, M.-H. (2015b). Low Interest Rates: The “New Normal.” ECONOTE, Societe Generale, 29(September 2015), 1–18.
ECB. (2014). The ECB’s forward guidance. Monthly Bulletin, (April), 65–73.
ECB. (2015a). Annual Report 2015. Frankfurt am Main, April 2016.
ECB. (2015b). Economic and monetary developments. Economic Bulletin 8, (8), 1–25. Retrieved from https://www.ecb.europa.eu/pub/pdf/ecbu/eb201508.en.pdf
82
ECB. (2015c). Increase in PSPP issue share limit enlarges purchasable universe. ECB Press Release.
Frankfurt, November 9. Retrieved from
https://www.ecb.europa.eu/press/pr/date/2015/html/pr151109.en.html
ECB. (2015d). The Role of the Central Bank Balance Sheet in Monetary Policy. ECB Economic Bulletin, (4), 1–17.
ECB. (2015e). The transmission of the ECB’s recent non-standard monetary policy measures. ECB Economic Bulletin, (7), 1–20.
ECB. (2015f). What is the expanded asset purchase programme? Retrieved July 27, 2016, from https://www.ecb.europa.eu/explainers/tell-me-more/html/asset-purchase.en.html
ECB. (2016a). Account of the monetary policy meeting of the Governing Council of the European Central Bank. Frankfurt am Main, March 9-10: ECB. Retrieved from
https://www.ecb.europa.eu/press/accounts/2015/html/mg151008.en.html ECB. (2016b). Asset purchase programmes. Retrieved June 1, 2016, from
https://www.ecb.europa.eu/mopo/implement/omt/html/index.en.html
ECB. (2016c). Economic and monetary developments. Economic Bulletin 4, (4), 1–26. Retrieved from https://www.ecb.europa.eu/pub/pdf/ecbu/eb201604.en.pdf
ECB. (2016d). Economic and monetary developments. Economic Bulletin 2, (2), 1–26. Retrieved from https://www.ecb.europa.eu/pub/pdf/ecbu/eb201602.en.pdf
ECB. (2016e). Implementation aspects of the public sector purchase programme (PSPP). Retrieved November 29, 2015, from https://www.ecb.europa.eu/mopo/implement/omt/html/pspp.en.html ECB. (2016f). More details on the public sector purchase programme (PSPP) - Questions & answers.
Retrieved November 31, 2015, from http://www.ecb.europa.eu/mopo/implement/omt/html/pspp-qa.en.html
ECB. (2016g). Update on economic and monetary developments. ECB Economic Bulletin 1, (1).
Retrieved from https://www.ecb.europa.eu/pub/pdf/ecbu/eb201601.en.pdf
ECB. (2016h). Update on economic and monetary developments. Economic Bulletin 3, (3), 1–26.
Retrieved from https://www.ecb.europa.eu/pub/pdf/ecbu/eb201603.en.pdf ECB Statistical Data Warehouse. (2016). Retrieved from http://sdw.ecb.europa.eu/
Econ, D. (2013). Why did the Federal Reserve start paying interest on reserve balances held on deposit at the Fed? Does the Fed pay interest on required reserves, excess reserves, or both? What interest rate does the Fed pay? Retrieved April 2, 2016, from
http://www.frbsf.org/education/publications/doctor-econ/2013/march/federal-reserve-interest-balances-reserves/
Eggertsson, G. B., & Krugman, P. (2012). Debt, Deleveraging, and the Liquidity Trap: a
Fisher-83
Minsky-Koo Approach. Quarterly Journal of Economics, 127(3), 1469–1513.
http://doi.org/10.1093/qje/qjs023.Advance
Engen, E. M., Laubach, T., & Reifschneider, D. (2015). The Macroeconomic Effects of the Federal Reserve’s Unconventional Monetary Policies. In 16th Jacques Polak Annual Research
Conference. Washington, D.C., November 5-6: IMF.
Eser, F., & Schwaab, B. (2016). Evaluating the impact of unconventional monetary policy measures:
Empirical evidence from the ECB׳s Securities Markets Programme. Journal of Financial Economics, 119(1), 147–167. http://doi.org/10.1016/j.jfineco.2015.06.003
Falagiarda, M., McQuade, P., & Tirpák, M. (2015). Spillovers from the ECB’s non-standard monetary policies on non-euro area EU countries: evidence from an event-study analysis (ECB Working Paper No. 1869). Retrieved from
https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1869.en.pdf?e537966259dd1344b3de8635d959 1b64
Fawley, B. W., & Neely, C. J. (2013). Four Stories of Quantitative Easing. Federal Reserve Bank of St.
Louis Review, 95(1)(February), 51–88.
Fed. (2015). Transcript of Chair Yellen’s Press Conference December 16, 2015 (Vol. 1, pp. 1–26).
http://doi.org/10.1017/CBO9781107415324.004
Filardo, A., & Hofmann, B. (2014). Forward guidance at the zero lower bound. BIS Quarterly Review, (March), 37–53.
Folkerts-Landau, D. (2014). Special report – To QE or not to QE. (M. Raj Hindocha, S. Arana, Wolf von Rotberg, & E. U. Mahtani, Eds.), The House View. Frankfurt, April 11. Retrieved from http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr.
Fratzscher, M., Duca, L. Lo, & Straub, R. (2014). ECB Unconventional Monetary Policy Actions:
Market Impact , international Spillovers and Transmission Channels. In 15th Jacques Polak Annual Research Conference. Washington, D.C., Novemeber 13-14: IMF.
Friedman, M. (1969). The Optimum Quantity of Money. In The Optimum Quantity of Money and Other Essays. Chicago: Adline Publishing Company.
Gagnon, J. E., Raskin, M., Remache, J., & Sack, B. (2011). The Financial Market Effects of the Federal Reserve’s Large-Scale Asset Purchases. International Journal of Central Banking, 7(1)(March), 3–43.
Gavin, W. T., Keen, B. D., Richter, A. W., & Throckmorton, N. A. (2015). The Limitations of Forward Guidance (Federal Reserve Bank of St. Louis Working Paper Series No. 2013-038D).
Ghysels, E., Idier, J., Manganelli, S., & Vergote, O. (2014). A High Frequency Assessment of the ECB Securities Markets Programme (ECB Working Paper Series No. 1642).
Glick, R., & Leduc, S. (2011). Central Bank Announcements of Asset Purchases and the Impact on
84
Global Financial and Commodity Markets (Federal Reserve Bank of San Francisco Working Paper Series No. 2011-30).
Glick, R., & Leduc, S. (2013). The Effects of Unconventional and Conventional U.S. Monetary Policy on the Dollar (Federal Reserve Bank of San Francisco Working Paper Series No. 2013-11).
Gros, D., Alcidi, C., & Groen, W. P. De. (2015). Lessons from Quantitative Easing : Much ado about so little ? CEPS Policy Brief, March(330).
Hamilton, J. D., & Wu, J. C. (2011). The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment. Journal of Money, Credit and Banking, 44, 3–46.
Hancock, D., & Passmore, W. (2015). How Does the Federal Reserve’s Large-Scale Asset Purchases (LSAPs) Influence Mortgage-Backed Securities (MBS) Yields and U.S. Mortgage Rates? Real Estate Economics, 43(4), 855–890. http://doi.org/10.1111/1540-6229.12109
Harding, R. (2016, March). Weak Japan inflation turns up heat on central bank. The Financial Times.
Tokyo. Retrieved from http://www.ft.com/cms/s/0/5ba7c9f2-f220-11e5-aff5-19b4e253664a.html#axzz4FjdxqW1O
Joyce, M., Lasaosa, A., Stevens, I., & Tong, M. (2010). The financial market impact of quantitative easing (Bank of England Working Paper No. 393).
Joyce, M., Miles, D., Scott, A., & Vayanos, D. (2012). Quantitative Easing and Unconvetional Monetary Policy - An Introduction. The Economic Journal, 122(November 2012).
http://doi.org/10.1111/j.1468-0297.2012.02551.x.
Joyce, M., Tong, M., & Woods, R. (2011). The United Kingdom’s quantitative easing policy: design, operation and impact. Quarterly Bulletin, (Q3), 200–212.
Kapetanios, G., Mumtaz, H., Stevens, I., & Theodoridis, K. (2012). Assessing the economy-wide effects of quantitative easing. Economic Journal, 122(564). http://doi.org/10.1111/j.1468-0297.2012.02555.x
Krishnamurthy, A., & Vissing-Jorgensen, A. (2011). The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy. Brookings Papers on Economic Activity, 2011(2), 215–287. http://doi.org/10.1353/eca.2011.0019
Krishnamurthy, A., Vissing-jorgensen, A., & Nagel, S. (2014). ECB Policies involving Government Bond Purchases: Impact and Channels (Unpublished Working Paper).
Krugman, P. (1998). Japan’s Trap, (May). http://doi.org/10.1017/CBO9781107415324.004
Krugman, P. (2014a, August 15). Four observations on secular stagnation. Retrieved July 10, 2016, from http://voxeu.org/article/four-observations-secular-stagnation
Krugman, P. (2014b, December 16). The Limits of Purely Monetary Policies. Retrieved July 20, 2016, from http://krugman.blogs.nytimes.com/2014/12/16/the-limits-of-purely-monetary-policies/?_r=0
85
Krugman, P. (2015, October 20). Rethinking Japan. The New York Times, pp. 18–21.
Lim, J. J., Mohapatra, S., & Stocker, M. (2014). Tinker, taper, QE, Bye? The Effect of Quantitative Easing on Financial Flows to Developing Countries (Policy Research Working Paper No. 6820).
Retrieved from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2417518
Marsh, A. (2016, June 6). The Hardest Part of the ECB’s Bond Buying Could Be Actually Buying the Bonds. Bloomberg. Retrieved from http://www.bloomberg.com/news/articles/2016-06-06/the-hardest-part-of-the-ecb-s-bond-buying-could-be-actually-buying-the-bonds
Meaning, J., & Zhu, F. (2011). The impact of recent central bank asset purchase programmes. BIS Quarterly Review, December, 73–83.
Meier, A. (2009). Panacea, Curse, or Nonevent: Unconventional Monetary Policy in the United Kingdom (IMF Working Paper No. 163) (Vol. 09).
Micossi, S. (2015). The Monetary Policy of the European Central Bank (2002-2015) (CEPS Special Report No. 109).
Moessner, R. (2013). Effects of explicit FOMC policy rate guidance on interest rate expectations (DNB Working Papers No. 384). http://doi.org/10.1016/j.econlet.2013.07.023
Monaghan, A., & Wearden, G. (2014, October 31). Bank of Japan to inject 80 trillion yen into its economy. The Guardian.
Muellbauer, J. (2014, December 23). Combatting Eurozone deflation: QE for the people. Retrieved May 6, 2016, from http://voxeu.org/article/combatting-eurozone-deflation-qe-people
Nakamichi, T., Fujikawa, M., & Warnock, E. (2016, January 29). Bank of Japan Introduces Negative Interest Rates. The Wall Street Journal. Tokyo.
Neely, C. J. (2013). Unconventional Monetary Policy Had Large International Effects. Federal Reserve Bank of St. Louis.
Okina, K., & Shiratsuka, S. (2004). Policy Commitment and Expectation Formation: Japan’s
Experience under Zero Interest Rates. The North American Journal of Economics and Finance, 15(1), 75–100.
Pacces, A. M., & Repasi, R. (2015). Quantitative Easing in Europe. EURO-CEFG Commentary.
Reichlin, L., Turner, A., & Woodford, M. (2013, May 20). Helicopter money as a policy option.
Retrieved May 9, 2016, from http://voxeu.org/article/helicopter-money-policy-option
Rogers, J. H., Scotti, C., & Wright, J. H. (2014). Evaluating Asset-Market Effects of Unconventional Monetary Policy: A Cross-Country Comparison (International Finance Discussion Papers No.
1101). International Finance Discussion Papers.
Rogers, J. H., Scotti, C., & Wright, J. H. (2015). Unconventional Monetary Policy and International Risk Premia. In 16th Jacques Polak Annual Research Conference. Washington, D.C., November
86 5-6: IMF.
Rosa, C. (2012). How “Unconventional” Are Large-Scale Asset Purchases? The Impact of Monetary Policy on Asset Prices (Federal Reserve Bank of New York Staff Report No. 560).
Rosengren, E. S. (2015). Lessons from the U.S. Experience with Quantitative Easing. Frankfurt, February 5: Federal Reserve Bank of Boston.
Saravelos, G., Brehon, D., & Winkler, R. (2016). Helicopters 101: your guide to monetary financing.
Deutsche Bank Research Special Report. Frankfurt, April 14.
Saunders, M., Lewis, P., & Thornhill, A. (2009). Research methods for busines students (5th ed.).
Pearson Education.
Schenkelberg, Heike, Watzka, S. (2013). Real effects of Quantitative Easing at the zero-lower bound:
Structural VAR-based evidence from japan. Journal of International Money and Finance, 33, 327–357.
Shiratsuka, S. (2010). Size and Composition of the Central Bank Balance Sheet: Revisiting Japan’s Experience of the Quantitative Easing Policy. Monetary and Economic Studies, 28(3), 79–105.
Smaghi, L. B. (2009). Conventional and unconventional monetary policy. Geneva, April 28: ECB.
Summers, L. (2013, December 16). Why stagnation might prove to be the new normal. Retrieved July 10, 2016, from http://larrysummers.com/commentary/financial-times-columns/why-stagnation-might-prove-to-be-the-new-normal/
Summers, L. (2016, February 17). The Age of Secular Stagnation. Retrieved July 16, 2016, from http://larrysummers.com/2016/02/17/the-age-of-secular-stagnation/
Szczerbowicz, U. (2014). The ECB’s Unconventional Monetary Policies: Have they lowered market borrowing costs for banks and governments? International Journal of Central Banking, 11(4), 91–
127.
Ubide, A. (2014). Unconventional Monetary Policies - Recent Experiences, Impact, and Lessons. In J.
Vallés (Ed.), Monetary Policy after the Great Recession (pp. 183–216). Madrid: Funcas.
Ugai, H. (2007). Effects of the Quantitative Easing Policy: A Survey of Empirical Analyses. Monetary and Economic Studies: Bank of Japan, 25(1), 63.
US. Bureau of Economic Analysis. (2016). St. Louis Fed: Economic Data - FRED. Retrieved June 1, 2016, from https://fred.stlouisfed.org
Wall, M., Sidorov, P., Stringa, M., Wall, M., Buckley, G., Grady, C., & Heider, M. (2015). Focus Europe: No room for complacency. Frankfurt, April 10.
Wicksell, K. (1898). Geldzin und Guterpreise, translated by R.F. Kahn as Interest and Prices (1936).
London: Macmillan and Company, 1936.