…  stimulus was to go first with rates, and then scale back QE. That plan was based on wanting to avoid the risk that, if another recession came along, QE balance sheet shrinkage would have to be reversed to respond [interest rates …

…  interesting to think it through, because it gets at what QE is, and what outsiders seem to think it is. The way I see it - and the way …  'fiscal space' argument used to suggest that QE permitted looser fiscal policy isn't relevant, in my opinion, now, …

…  plan for unwinding central bank QE, at least as stated by the Bank of England and the Fed, is that asset sales …  can be achieved by lowering rates, rather than restarting QE. The reason for this was that central banks did not want QE to be the marginal tool of monetary policy.  Partly because of worries that …

…  view of QE - encoded in, for example, Eggertson and Woodford's 2003 paper, and …  'monetary channel' as he termed it was not why QE worked.  We might presume he was thinking along the lines I'm …  fuzzy distinction between helicopter money [HM] and QE comes about due to using Step 1.  But central banks can, and did sometimes, …

…  policy would be more successful in boosting the economy.  QE involved a smaller stimulatory bang for the buck, the buck being a risky …  as they are. Yet another is:  since when we do QE, we will look like we are doing helicopter money anyway,  we shouldn't …

…  of spending as small an amount of time as possible using QE as the marginal tool of adjustment for monetary policy.  This in turn flowing from the idea that the effects of QE are ill understood, so best not to rely on it if you don't have to.  …

…  about today's instrument settings [interest rates and QE] and a published forecast conditioned on an estimate of what markets are …  degrees. Two arguments made against interest rate and QE plans were these. 'How could a committee of 9 people, who find it hard …

…  cuts when the Fed next has to deal with a recession. QE and conventional fiscal tools can substitute for monetary policy at the zero …  might confirm the suspicions of the permahawks who thought QE and low rates was a terrible liberal conspiracy all along.  Or seem like a …

…  given what was possible not just with rates, but also QE.  And the Treasury would decide whether to accept this advice, and, if so, …

…  rates low and undertaking unconventional policies like QE. The risk that Fed appointees become politicised is aggravated by the …