QE Paradox It was supposed to be straightforward. In mid March the Federal Reserve announced it would begin buying US Treasury bonds. This is quantitative easing no? The Fed is printing money. Other things being equal,
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It may be QE but is not QED,
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Start at the Beginning We need to define quantitative easing. It is problematic because there is not a comprehensive definition of the policies associated with it. It broadly refers to an element of monetary policy. It is concerned not with interest rates,
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Yet policy makers still need to make monetary conditions even more accommodative to resist the deflationary forces that have been unleashed by the deleveraging process and the severe economic downturn. Measures to increase the quantity of money vary from country to country depending on a host of institutional,
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In some ways this leads us to the first observation about the resilience of currencies where quantitative easing is either taking place or is expected to begin shortly: Because QE has been widely adopted,
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Shrouded by Mystery There are also many critical unknowns related to quantitative easing,
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It could but need not create bank reserves,
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A little noted element of the Treasury/Federal Reserve joint statement last month points the direction of another potential course,
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The Fed can either create reserves,
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Operationally,
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The ECB has indicated it will unveil additional measures early next month. It is not clear what the ECB will do. However,
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The ECB is out of room to reduce the key deposit rate any further. It stands at 25 basis points currently. The refi rate of 1.25% can be cut a bit more,
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Next Up: Canada and Sweden

The Bank of Canada meets next week on April 21st. Its current target rate stands at 50 basis points. Another 25 basis point cut is unlikely to be very helpful. Instead,
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The Bank of Canada can lengthen the duration of some of its existing operations,
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Sweden Riskbank also meets on April 21st. Its current target rate stands at 100 basis points. Most expect a 50 basis point cut,
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Other Considerations There are a couple of other considerations that may help explain why QE has not had the kind of impact that many expected. Unlike other asset classes,
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Rather than try to deduce currency movement from a priori assumptions,
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Lastly,
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There is a story that is about two boys being chased by a tiger. One boy stops to put on a pair of running shoes. His friend asks,
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