Where has all the money gone?

Where has all the money gone?

Amid all the talk of when and how to end or reverse quantitative easing (QE), one question is almost never discussed: Why have central banks’ massive doses of bond purchases in Europe and the United States since 2009 had so little effect on the general price level?

By Robert Skidelsky, Professor Emeritus of Political Economy at Warwick University

December 15, 2021