When Easy Money Ends

The departure of US Federal Reserve Board Chairman Ben Bernanke has fueled speculation about when and how the Fed and other central banks will wind down their mammoth purchases of long-term assets, also known as quantitative easing (QE). Observers seize upon every new piece of economic data to forecast QE’s continuation or an acceleration of its decline. But more attention needs to be paid to the impact of either outcome on different economic players.

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There is no doubting the scale of the QE programs. Since the start of the financial crisis, the Fed, the European Central Bank, the Bank of England, and the Bank of Japan have used QE to inject more than $4 trillion of additional liquidity into their economies. When these programs end, governments, some emerging markets, and some corporations could be vulnerable. They need to prepare.
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Richard Cooper / Richard Dobbs – PROJECT SYNDICATE

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QE and ultra-low interest rates: Distributional effects and risks
There is widespread consensus that the conventional and unconventional monetary policies that world’s major central banks implemented in response to the global financial crisis prevented a deeper recession and higher unemployment than there otherwise would have been. These measures, along with a lack of demand for credit as a result of the recession, contributed to a decline in real and nominal interest rates to ultra-low levels that have been sustained over the past five years.
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Report| McKinsey Global Institute

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dazu Einschätzungen von Barry Eichengreen, u.a. auch zum tapering der FED
„Europa könnte 2014 in die Luft fliegen“
SpOn-Interview

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ausführlicher Kommentar zum Eichengreen-Interview
von Pjotr Iskenderow – radio Stimme Russlands