Quantitative Easing and Its Impact in the US, Japan, the UK and Europe

2013 ◽  
Author(s):  
Kjell Hausken ◽  
Mthuli Ncube
Keyword(s):  
Quantitative Easing ◽  
The Us ◽  
The Uk

The Effect of Quantitative Easing on Investment in the US and UK: An SVAR Approach

2018 ◽  
Author(s):  
Thomas Russell
Keyword(s):  
Interest Rates ◽  
Quantitative Easing ◽  
Structural Vector Autoregression ◽  
Bond Yields ◽  
Bond Yield ◽  
Downward Pressure ◽  
The Us ◽  
Historical Relationship ◽  
The Uk ◽  
The Impact

Following the collapse of Lehman Brothers in 2008, the Federal Reserve and the Bank of England implemented asset purchase programs to provide further liquidity to faltering markets, and to continue to place downward pressure on market interest rates. Later called Quantitative Easing, the higher asset prices and lower market yields induced by the purchases were expected to translate into lower market borrowing costs and increased investment. This project focused on estimating the effect of Quantitative Easing on real investment in the US and UK up to 2010. First, the historical relationship between bond yields and investment was estimated using a time series econometric model called a structural vector autoregression. Next, using the historical relationship between bond yields and investment, the impact of the asset purchases on investment was calculated using the bond yield changes induced by  Quantitative Easing announcements. Deviations in bond yields on Quantitative Easing announcement dates suggested an impact on investment of 5.93% in the US, and an impact of 3.37% in the UK. Moreover, both the US and UK econometric results are statistically significant. Taking into account the econometric assumptions required to estimate the impact of Quantitative Easing on investment, the results in this project should be viewed with caution. However, the results will be useful in framing future thought on Quantitative Easing as a tool to provide macroeconomic stability 

Fiscal and Financial Responses to the Economic Downturn

2010 ◽  
Vol 211 ◽  
pp. R51-R62 ◽  
Author(s):  
Ray Barrell ◽  
Dawn Holland
Keyword(s):  
Output Growth ◽  
Economic Downturn ◽  
Quantitative Easing ◽  
Potential Output ◽  
Policy Responses ◽  
The Us ◽  
Potential Gdp ◽  
The Uk ◽  
Output Gaps ◽  
Active Policy

The financial crisis that started in the summer of 2007 and worsened in the autumn of 2008 has involved a repricing of risk and a reduction in the level of potential output in the OECD of between 3 and 5 per cent. In addition it has caused a major recession, leaving output gaps in the UK, the US and the Euro Area currently standing at 3 to 5 per cent of potential GDP despite active policy responses. We show that monetary policy (and especially quantitative easing) has increased output growth in the US and the UK by half a per cent in 2009, and will do the same in 2010Q1. Fiscal policy is also shown to have been effective, but we argue that more could have been done if unfounded worries about excess borrowing had not arisen.

‘To see oursels as ithers see us’: Reflections on Scottish Independence from the United States

2014 ◽  
Vol 23 (3) ◽  
pp. 381-388 ◽  
Author(s):  
Euan Hague ◽  
Alan Mackie
Keyword(s):  
United States ◽  
The United States ◽  
The Us ◽  
Scottish Independence ◽  
The Uk ◽  
Scottish Diaspora

The United States media have given rather little attention to the question of the Scottish referendum despite important economic, political and military links between the US and the UK/Scotland. For some in the US a ‘no’ vote would be greeted with relief given these ties: for others, a ‘yes’ vote would be acclaimed as an underdog escaping England's imperium, a narrative clearly echoing America's own founding story. This article explores commentary in the US press and media as well as reporting evidence from on-going interviews with the Scottish diaspora in the US. It concludes that there is as complex a picture of the 2014 referendum in the United States as there is in Scotland.

Identity Politics and Migration

2008 ◽  
Vol 17 (1) ◽  
pp. 155-158
Author(s):  
Vytis Čiubrinskas
Keyword(s):  
National Identity ◽  
Identity Politics ◽  
Host Country ◽  
Social Anthropology ◽  
The Us ◽  
And Migration ◽  
The Uk ◽  
A Current ◽  
Respective Host

The Centre of Social Anthropology (CSA) at Vytautas Magnus University (VMU) in Kaunas has coordinated projects on this, including a current project on 'Retention of Lithuanian Identity under Conditions of Europeanisation and Globalisation: Patterns of Lithuanian-ness in Response to Identity Politics in Ireland, Norway, Spain, the UK and the US'. This has been designed as a multidisciplinary project. The actual expressions of identity politics of migrant, 'diasporic' or displaced identity of Lithuanian immigrants in their respective host country are being examined alongside with the national identity politics of those countries.

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