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Tightening by Stealth: Why keeping the balance sheet of the Federal Reserve constant is equivalent to a gradual exit. CEPS Policy Insight No 2017-21

Gros, Daniel. (2017) Tightening by Stealth: Why keeping the balance sheet of the Federal Reserve constant is equivalent to a gradual exit. CEPS Policy Insight No 2017-21. [Policy Paper]

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    Abstract

    Exiting from unconventional monetary policies is now a key issue for central banks, and especially for the US Federal Reserve. This paper argues that the Fed already began this exit some time ago, and that the relevant part of its balance sheet has already shrunk by about one-quarter of GDP. Pursuing the current policy of reinvesting would lead to a full exit within ten years.

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > monetary policy
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > CEPS Policy Insights
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 23 Jun 2017 15:42
    Number of Pages: 7
    Last Modified: 23 Jun 2017 15:42
    URI: http://aei.pitt.edu/id/eprint/88051

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