Did a Crash in Money Growth Cause the Global Slump?
Edited by Tim Congdon
Chapter 2: The debate over “quantitative easing” in the UK’s Great Recession and afterwards
From late 2008 central banks pursued policies (‘quantitative easing’) which often had the deliberate objective of increasing the quantity of money, in order to mitigate the weakness in demand. The chapter reviews the debate about these policies from a traditional quantity-theory perspective. It argues that the UK’s QE was successful, in checking deflationary forces that would otherwise have led to another Great Depression.
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