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It could be done, although it might achieve little more than boosting asset prices, which are already pretty high.
However, recent experience in other parts of the world shows that the main way that unconventional monetary policy works is by bringing about a currency depreciation and boosting asset prices.
The process makes democratic leaders less accountable; by boosting asset prices, which are mostly owned by the rich, it may well have led to a rise in inequality, without the sanction of any vote.
And, third, I thought that the liquidity tsunami had had little if any effect in lowering long-term interest rates and thus boosting asset prices, reducing hurdle rates, and so raising spending.Now I have to rethink.
QE purchases focused on safe assets might have an ambiguous effect on the economy: boosting asset prices through portfolio balance effects but limiting lending growth by sucking up the supply of good collateral.
"We think Kuroda has done a great job in boosting asset prices by raising asset price inflation expectation, but he now has to calm down the sentiment in bond market," Masaaki Kanno, chief economist at JPMorgan Securities Japan, said in a research note.
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Bank policy like the European Central Bank's money printing progamme, is intended to boost asset prices.
These policies boosted asset prices and economic growth while preventing deflation, but they are reaching their limits.
And by increasing the demand for foreign financial assets, they can boost asset prices and push down bond yields in oil-importing countries.
In doing so they boost asset prices and depress interest rates (increased demand for bonds allows them to be sold at lower rates).
But throughout history, loose monetary conditions have fuelled the cycle: cheap money encourages leverage which boosts asset prices, which in turn encourage further leverage.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com