Quantitative Easing: Risvolti per i Mercati Finanziari e Implicazioni per la Politica Monetaria

the recent financial crisis has forced many central banks to resort to a number of unconventional policy instruments, including the so-called "quantitative easing". Exceptional times often call for exceptional measures and even if an agreement on how balance sheet policies transmit their effects to the real economy was still to be achieved at the time of their launch, a review of the current literature shows that running against the grain of conventional wisdom has led to a reduction of long-term bond yields.