April 23, 2021

Macro Series

Analysis – Monetary policy and the value of the public debt

BY John Llewellyn, Gerald Holtham

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  • Pressure is set to mount on governments to start to reduce their national debt
  • Yet paradoxically US and UK post-crisis monetary policy practice stands to increase it
  • Changes in the operating procedures of these two central banks seem likely
  • One way could be sterilisation of some QE-generated commercial bank excess reserves


Macro series – Monetary policy and the value of the public debt – 23 April 2021

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