Quantitative easing is an increase in the size of the balance sheet of the central bank through an increase it is monetary liabilities (base money), holding constant the composition of its assets. Asset composition can be defined as the proportional shares of the different financial instruments held by the central bank in the total value of its assets. An almost equivalent definition would be that quantitative easing is an increase in the size of the balance sheet of the central bank through an increase in its monetary liabilities that holds constant the (average) liquidity and riskiness of its asset portfolio.
Qualitative easing is a shift in the composition of the assets of the central bank towards less liquid and riskier assets, holding constant the size of the balance sheet (and the official policy rate and the rest of the list of usual suspects). The less liquid and more risky assets can be private securities as well as sovereign or sovereign-guaranteed instruments. All forms of risk, including credit risk (default risk) are included.
http://blogs.ft.com/maverecon/2008/12/quantitative-easing-and-qualitative-easing-a-terminological-and-taxonomic-proposal/
Αυτός ο Buiter τα έχει γράψει πολύ καλά τον Δεκέμβριο!
1. μηδενικά επιτόκια και "παγίδα ρευστότητας"
2. τα παραπάνω
3. τα επόμενα βήματα: Στο Δρόμο του Κέϋνς
4. Tι θα πάθουν (κίνδυνοι) οι κεντρικές τράπεζες από τα 1. και 2.;
No comments:
Post a Comment