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Fed chairman Ben Bernanke is due to speak on the economic outlook and federal budget situation on Thursday. He’s up in front of the House Committee on the Budget at 10.00 local time (15.00 GMT) on Thursday. Read more
The impossibility of knowing what would have happened without quantitative easing, ie, the so-called “counterfactual”, means that estimating the impact asset purchases have had on the UK economy is more art than science.
Still, that doesn’t stop the Bank of England trying.
Weeks before announcing another £75bn-worth of asset purchases last October, the Bank published research saying that the first round of QE had meant growth was between 1.5 per cent and 2 per cent higher than it would have otherwise been.
The Bank for International Settlements has had a go too. Its findings, published in December, found that QE had far less of an effect on gilt yields than the Bank had assumed.
In anticipation of more money printing next month, the Bank on Friday published three new papers which support its view that QE has substantially boosted the UK economy. Read more