"Overall, these results suggest that the effectiveness of the monetary base channel is very uncertain, and we cannot find any certain route through which the central bank can provide stimulus to the economy at zero interest rates.
"In sum, the results of this section suggest that the effectiveness, if any, of the monetary base channel is highly uncertain and very small. We cannot find any certain route through which the central bank can provide stimulus to the economy at zero interest rates."
"This suggests some scope for quantitative easing to affect the supply of credit, particularly during periods of financial stress. However, the overall effect was measured to be quite small, so that eye-popping amounts of liquidity would have been needed to achieve noticeable effects."
"All told, there are few signs that the BoE’s asset purchase programme has had much impact on the real economy to date. Financial markets have improved – but that appears to have largely reflected global developments, rather than the Bank’s purchases."
"Participants also exchanged views on the likely benefits and costs of a new large-scale asset purchase program. Many participants expected that such a program could provide additional support for the economic recovery both by putting downward pressure on longer-term interest rates and by contributing to easier financial conditions more broadly."