The 'Apollo 13' of macroeconomic policy:The 'successful failure' of the UK quantitative easing anti-crisis monetary mission

de Vita, G. and Abbott, A. (2011) The 'Apollo 13' of macroeconomic policy:The 'successful failure' of the UK quantitative easing anti-crisis monetary mission. Public Money and Management, 31 (6). pp. 387-394. ISSN 0954-0962

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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’.

Item Type:
Journal Article
Journal or Publication Title:
Public Money and Management
Uncontrolled Keywords:
/dk/atira/pure/subjectarea/asjc/3300/3312
Subjects:
Departments:
ID Code:
141251
Deposited By:
Deposited On:
10 Feb 2020 09:35
Refereed?:
Yes
Published?:
Published
Last Modified:
26 Aug 2020 04:56