EFTA Document EFTA01388573

The limits of monetary policy Nrx:m Edi,:n I Msch::)Ef; And, we are hardly alone in this assessment. As Stephen Williamson, Vice President at the Federal Reserve Bank of St. Louis, noted in a recent review, taking a broader historic perspective: "The theory behind QE is not well-developed .. Evidence in support of Bernanke's view of the channels through which OE works is at best mixed... Much of the work on the quantitative effects of QE consists of event studies, whereby researchers loo