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Before the Great Financial Crisis of 2008-09, significant reductions in official interest rates typically proved sufficient to generate sustainable economic recoveries from downturns. However, with economies and financial markets in freefall during the crisis despite a cut in interest rates to effectively zero, policymakers in some advanced economies launched a major new tool called quantitative easing (QE). This involved central banks purchasing huge amounts of financial assets.

This book offers a thorough and perspicacious analysis of QE, which has become a recovery method of last resort. Whilst it was successful in averting another Great Depression and stimulating growth, it remains controversial and continues to promote widespread debate in economics, financial, and political-economy circles. This book is essential reading for anyone wishing to understand central banking in the national economy.

E-books --- Quantitative easing (Monetary policy)

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Portfolio rebalancing is a key transmission channel of quantitative easing in Japan. We construct a realistic rebalancing scenario, which suggests that the BoJ may need to taper its JGB purchases in 2017 or 2018, given collateral needs of banks, asset-liability management constraints of insurers, and announced asset allocation targets of major pension funds. Nonetheless, the BoJ could deliver continued monetary stimulus by extending the maturity of its JGB purchases or by scaling up private asset purchases. We quantify the impact of rebalancing on capital outflows and discuss JGB market signals that can be indicative of limits being within reach.

Portfolio management --- Quantitative easing (Monetary policy) --- Asset-liability management --- Asset-liability management (Banking) --- Funds management --- Financial institutions --- QE (Monetary policy) --- Queasing (Monetary policy) --- Banks and banking, Central --- Monetary policy --- Investment management --- Investment analysis --- Investments --- Securities --- Management --- Banks and Banking --- Money and Monetary Policy --- Public Finance --- Industries: Financial Services --- Investments: General --- Current Account Adjustment --- Short-term Capital Movements --- Portfolio Choice --- Investment Decisions --- International Financial Markets --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Social Security and Public Pensions --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Policy --- General Financial Markets: General (includes Measurement and Data) --- Banking --- Pensions --- Monetary economics --- Finance --- Investment & securities --- Pension spending --- Insurance companies --- Bank credit --- Unconventional monetary policies --- Expenditure --- Money --- Banks and banking --- Credit --- Financial instruments --- Japan