Over the last thirty years or so the developments in the area of monetary and macroeconomic policies have been quite substantial. Within the new consensus macroeconomics (NCM), monetary policy is upgraded while fiscal policy is downgraded. This new monetary policy has been the main instrument of...

We investigate the impact of the asset purchase program (APP) introduced by the Bank of England (BOE) in 2009 on the composition of assets of UK banks, and the implications for bank lending to the real economy, using a unique database on the program. Knowing the identity of the banks that...

The Bank stands ready to lend to its counterparties against eligible collateral, which includes a wide range of securities and portfolios of loans that can be adequately risk-managed through a combination of prudent eligibility criteria, valuations and haircuts. When accepting portfolios of...