I see there is quite a bit of concern about the Bank of England's quantitative easing measures, but I don't think it quite hits the target (i.e. I'm concerned about something different from other commentators). Central banks engage in quantitative easing all the time - they just usually refer to it by the name "interest rate cuts". For the way in which many central banks cut interest rates is to offer banks more money (i.e. print money), so the price of money (the interest rate) falls. On other occasions they engage in "quantitative tightening" - i.e. interest rate rises.
The key interesting thing in the current situation does not relate to the principle of quantitative easing but, instead, to the form or method of it. For once interest rates reach zero, one cannot employ the same methods to increase the quantity of money. So if they are to engage in monetary easing, they have to use "unconventional monetary policy".
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