Lessons learned from 10 years of quantitative easing

American Enterprise Institute conducted this interesting panel discussion on the 10 years of QE.

On Thursday, AEI’s Desmond Lachman and Brookings Institution’s Ben Bernanke discussed whether quantitative easing (QE) programs have successfully stimulated the US economy in the 10 years since the Federal Reserve launched its first program. Mr. Bernanke argued that QE has blurred the distinction between monetary and fiscal policy tools. Mr. Bernanke and Mr. Lachman evaluated the merits of tools the Federal Reserve and other central banks can use to stimulate growth and examined the possibilities and risks of innovative economic policy tools.

Following their conversation, a panel of economic policy experts discussed the success of economic policy reforms in recent years. The Hoover Institution’s Kevin Warsh argued that the first round of QE was successful and the second round may have positively affected employment and output to a minor extent. Yale University’s Stephen Roach pointed out that, though the first round of QE was successful, successive rounds were less successful, which suggests their marginal diminishing returns for economic recovery. Joseph E. Gagnon of the Peterson Institute for International Economics argued that QE effects mirror conventional monetary policy effects and that the program has benefited the economy so far. 

There is both transcript and videos.

Lots of different views. The one by Alex Pollock at the end is quite interesting..

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