Open Forum: Distributional Effect of Asset Purchases
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The Bank of England began a policy of buying gilts in 2009 as a means of reducing long-term interest rates and supporting the economy. Falls in gilt yields have probably led to capital gains on other assets such as equities and corporate bonds as well as gilts, but they have also meant that annuity rates have fallen further. Dr Weale explains the background to the policy and the effects that the Bank believes it has had on the economy, including on the distribution of resources between different types of household.
Who should attend?
The forum will be of interest to anyone who wants a better understanding of the Bank’s policy and its consequences.