Monetary policy in exceptional times
描述了欧洲央行、美联储和英格兰银行自2007年8月金融危机以来的货币政策操作，认为量化宽松等非常规措施主要通过影响利率和货币市场利差发挥作用，而非仅通过货币供给的数量效应，并对欧元区进行了量化分析。
This paper describes the way in which the European Central Bank (ECB), the Federal Reserve and the Bank of England conducted monetary policy since the beginning of the financial crisis in August 2007. We argue that both quantitative easing – and the other non-standard measures introduced by central banks that changed the composition of the asset side of their balance sheets (so-called ‘qualitative easing’) – acted mainly through their effects on interest rates and, in particular, on money market spreads, rather than solely through ‘quantity effects’ in terms of the money supply. We perform a quantitative exercise on the euro area which estimates the effect of the reduction of these spreads to the broader economy.— Michele Lenza, Huw Pill and Lucrezia Reichlin