The Central Bank Balance Sheet As a Policy Tool: Lessons From the Bank of England's Experience

IF 1.5 4区经济学 Q3 BUSINESS, FINANCE

Journal of Financial Services Research Pub Date : 2024-07-05 DOI:10.1007/s10693-024-00429-7

Andrew Bailey, Jonathan Bridges, Richard Harrison, Josh Jones, Aakash Mankodi

引用次数: 0

Abstract

This paper examines lessons from the previously unconventional monetary policy measures deployed since the Global Financial Crisis and the emerging evidence on policy responses to the Covid-19 pandemic in 2020. The Bank of England’s quantitative easing (QE) response to the Covid-19 shock was both large in scale and rapid in pace. The QE response also occurred against the backdrop of heightened market dysfunction, suggesting a particular form of ‘state contingency’ of QE. The paper considers some potential implications of this state contingency for future central bank balance sheet policies and the operational framework to support them.

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作为政策工具的中央银行资产负债表：英格兰银行的经验教训

本文探讨了自全球金融危机以来所采取的非常规货币政策措施的经验教训，以及 2020 年 Covid-19 大流行病应对政策的新证据。英格兰银行针对 Covid-19 冲击采取的量化宽松（QE）对策规模大、速度快。量化宽松反应也是在市场功能失调加剧的背景下发生的，这表明量化宽松具有一种特殊的 "状态应急 "形式。本文探讨了这种应急状态对未来中央银行资产负债表政策和支持这些政策的操作框架的一些潜在影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Services Research BUSINESS, FINANCE-

CiteScore

3.00

自引率

7.10%

发文量

期刊介绍： The Journal of Financial Services Research publishes high quality empirical and theoretical research on the demand, supply, regulation, and pricing of financial services. Financial services are broadly defined to include banking, risk management, capital markets, mutual funds, insurance, venture capital, consumer and corporate finance, and the technologies used to produce, distribute, and regulate these services. Macro-financial policy issues, including comparative financial systems, the globalization of financial services, and the impact of these phenomena on economic growth and financial stability, are also within the JFSR’s scope of interest. The Journal seeks to promote research that enriches the profession’s understanding of financial services industries, to elevate industry and product efficiencies, as well as to inform the debate and promote the formulation of sound public policies. Officially cited as: J Financ Serv Res