Lyonnet, Victor; Werner, Richard A. - Center for Financial Studies - 2011
measured by the impact of Bank of England policies (including, but not limited to QE) on nominal GDP growth - the declared goal … stable relationship between a lending aggregate (disaggregated M4 lending, i.e. bank credit for GDP transactions) and nominal … GDP is found. The findings imply that BoE policy should more directly target the growth of bank credit for GDP-transactions. …