is difficult to tell. Nevertheless my prediction is the we won’t see government bonds being sold off before this time next year and that won’t happen unless productivity is on the rise along with wages. But for now we wait to see what happens over the next few months before we see the beginning of the end of quantitative easing, the biggest monetary policy of experiment of the modern era.
Bibliography
Bank of England •
Quantitative Easing Explained, http://www.bankofengland.co.uk/monetarypolicy/Pages/qe/default.aspx
• Output and Supply extract from May 2014 Inflation Report, http://www.bankofengland.co.uk/publications/Documents/inflationreport/2014/ir14may3.pdf • The UK Productivity Puzzle, UK Quarterly Bulletin Q2 2014, http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q201.pdf
Financial Times: •
Bank of England keeps rates and QE program on hold, Emily Cadman, August 7 th 2014
• UK productivity still abysmal, Emily Cadman, August 5 th 2014
• Why quantitative easing is the only game in town, Martin Wolf, March 15 th 2012
• Eurozone needs quantitative easing, July 20 th 2014
• The case for truly bold monetary policy, Martin Wolf, June 28 th 2012
Office for National Statistics: • Labour Market Statistics, May 2014, http://www.ons.gov.uk/ons/dcp171778_361188.pdf
BBC:
• UK QE has failed, says quantitative easing inventor, October 22 nd 2013
Guardian: •
Household debt serious threat to UK recovery, says Bank of England deputy, Julia Kollewe, 3 rd July 2014, http://www.theguardian.com/business/2014/jul/03/housing-market-house-prices-economy- bank-of-england
Telegraph: •
Bank of England likely to hold on to asset purchases for several years, Szu Ping Chan, 17 th December 2013, http://www.telegraph.co.uk/finance/mark-carney/10524205/Bank-of-England-likely-to-hold- on-to-asset-purchases-for-several-years-says-Mark-Carney.html
Books: • ‘The Undercover Economist Strikes Back: How to run or ruin an economy’ By Tim Harford.
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