Paul Fisher notes that it is "...extremely difficult to know what would have happened in the absence of the asset purchase programme...". But in his view the programme has been "...extremely successful in meeting its immediate objectives"; the purchases were conducted in large size and quickly in order "...to ward off the threat of deflation". Amongst the various channels, he picks out the relative strength of broad money growth, lower long-term interest rates, increased corporate bond and equity issuance and declines in inter-bank borrowing rates, as examples of the programme's positive impact.
Published on
15 October 2010
Press release