Chris Dillow 

Not reversing QE

Chris Dillow

Chris Dillow
Not reversing QE

MPC member Ian McCafferty has raised the possibility that the Bank of England might start to sell some of the £435bn of gilts it bought under its quantitative easing programme. When asked whether QE should be reversed, he said it was “a question that needs a bit of asking”. This raises a tricky issue – that policy is asymmetric, in the sense that the Bank selling gilts would not simply have the opposite effects to its buying of gilts.

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