Politická ekonomie 2019, 67(1):48-64 | DOI: 10.18267/j.polek.1225

Způsoby ukončení kvantitativního uvolňování na příkladech Japonska, Spojeného království a Spojených států amerických

Stanislav Hába
Vysoká škola ekonomická v Praze, Fakulta financí a účetnictví

Methods of Exiting Quantitative Easing on the Examples of Japan, the UK and the USA

The article describes both the theory and the practice of exiting from the unconventional monetary policy of quantitative easing (QE). At the theoretical level, the following issues are outlined: exit step sequence, options to decrease the amount of securities purchased, relationship between exit and interest rate hike, communication of the change and liquidity-absorbing instruments. Further, examples from Japan, the United Kingdom and the USA are introduced, especially regarding their experience with the QE exit. In detail, the monetary policy-related numbers (QE purchases, QE portfolio, central bank balance sheet, monetary base and reserves) are observed both before and after the exit announcement. The charts of these changes prove to be substantially different, mainly due to unique key features of each QE policy and diverse exit strategies.

Keywords: unconventional monetary policy, quantitative easing, exit strategy, large-scale asset purchases,
JEL classification: E52, E58, E65

Received: November 5, 2017; Accepted: June 19, 2018; Published: February 1, 2019  Show citation

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Hába, S. (2019). Methods of Exiting Quantitative Easing on the Examples of Japan, the UK and the USA. Politická ekonomie67(1), 48-64. doi: 10.18267/j.polek.1225
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