More than five years after the start of the great QE experiment, agreement about what the asset buying scheme achieved is still thin on the ground. A new Bank of England paper from external MPC member Martin Weale released today tries to put a figure to how much QE boosted national output and inflation in the UK and the US. Its results are as follows:

“At the median, an asset purchase shock that results in an announcement worth 1% of nominal GDP, leads a rise of about .36% (.18%) of real GDP and .38% (.3%) in CPI in the US (UK). These findings are encouraging, because they suggest that asset purchases can be effective in stabilising output and prices” Read more

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Looking for a cheap flight to jet off to warmer climes over Easter? This time you may have left it too late.

The best window for cheaper fares – on Ryanair at least – is between 21 and 14 days prior to departure, according to a new academic paper by Marco Alderighi at Bocconi University, Marcella Nicolini at the University of Pavia and Claudio Piga at Keele University set to be presented at the Royal Economic Society’s conference on Wednesday.

Researchers scraped the Ryanair website to build a database of how fares change as the date gets closer and the plane fuller, looking at over 80 routes of flights departing from the UK. Read more

Welcome to our live coverage of ECB president Mario Draghi monthly press conference. Earlier the ECB kept its rates on hold for the fifth month in the row, despite inflation falling to its lowest level in more than four years. Follow the questions and reaction live here with deputy FT.com news editor Lindsay Whipp and economics reporter Emily Cadman.

 

Welcome to our live coverage of ECB president Mario Draghi monthly press conference. Earlier the ECB kept its rates on hold for the fourth month in the row, despite inflation running at less than half its target. Follow the questions and reaction live here with capital markets editor Ralph Atkins and economics reporter Emily Cadman. The ECB also published its latest economic forecasts, revealing officials’ predictions for inflation in 2016 for the first time.

 

Welcome to our live coverage of ECB president Mario Draghi monthly press conference. Earlier, to the surprise of some, the ECB kept its rates on hold. Follow the questions and reaction live here with capital markets editor Ralph Atkins and Emily Cadman

 

ECB president Mario Draghi started his monthly press conference shortly after 1.30 GMT. Earlier, as expected, the ECB left rates on hold. Follow the questions and reaction live here with capital markets editor Ralph Atkins and Emily Cadman

 

Mario Draghi

ECB president Mario Draghi began his monthly press conference shortly after 1.30 GMT. Earlier, as expected, the ECB left rates on hold.

Follow the questions and reaction live here with capital markets editor Ralph Atkins and Emily Cadman

 

Bank of England governor Mark Carney will be taking questions from the press after the release of the bank’s latest inflation report. All eyes will be focused on any changes to the forward guidance

Rapidly moderating inflation – as measured by the CPI – and falling unemployment mean the bank is facing a far more positive economic backdrop than many expected last quarter.

By Emily Cadman, with economics editor Chris Giles and economics reporter Clare Jones at the Bank of England

 

Mario Draghi

Today the ECB cut its benchmark main refinancing rate to 0.25 per cent.

ECB president Mario Draghi is giving his monthly press conference

Follow the questions and reaction live here with capital markets editor Ralph Atkins and Emily Cadman

 

Mario Draghi

By Emily Cadman and Claire Jones

Hello and welcome to the FT’s live blog on Mario Draghi European Central Bank’s press conference.

Earlier the ECB kept its main refinancing rate on hold at 0.50 per cent as it tries to support the eurozone’s fledgling recovery. Mr Draghi will discuss the rate decision at a press conference in Paris at 1:30pm BST, when he is also expected to address the central bank’s stance on providing more liquidity to commercial banks as the maturity of two previous sets of cheap loans looms.