that of Japan in the 1990s. Then a weak economy with risk-averse banks seemed to require some of the largest peacetime …

of recent announcements regarding direct asset purchases by the Bank of England, the Bank of Japan, the U.S. Federal … Reserve and the European Central Bank. Empirical evidence from the previous period of quantitative easing in Japan between … 2001 and 2006 is presented. During this earlier period the Bank of Japan was able to expand the monetary base very quickly …

approach and have focused on the QE-experience, on which substantial data is available, namely that of Japan (2001 … policy goal of monetary policy. The empirical research finds that the policy conducted by the Bank of Japan between 2001 and …

credit risk transfer. The possibility of transferring credit reduces the impact of liquidity shocks on bank balance sheets …

This paper uses a DSGE model to examine the effects of an expansion in government spending in a liquidity trap. The … spending multiplier can be much larger than in the normal situation if the liquidity trap is very prolonged, and the budgetary … expansion. Our paper addresses this question in a model environment where the duration of the liquidity trap is determined …