QE Timeline Appendix â–  â–  Fed unanimously votes to raise target rate for the first time in a decade to 0.5% â–  â–  Fed ends bond-buying program and announces it will keep rates low â–  Fed announces that QE3 should be finalized by end of October 2014 â–  â–  â–  German Constitutional Court holds a hearing on the legality of OMT days after Draghi declares OMT as “probably the most successful monetary policy measure taken in recent times.” ECB cuts deposit rate from -0.1 to -0.2% Draghi warns that inflation expectations are weakening and hints of potential quantitative easing measures ECB announces deposit rate cut from 0 to -0.1% German constitutional court refers OMT to European Court of Justice â–  2014 ECB begins 3rd CPP3 â–  â–  BOJ announces it will double scale of the STLBF and GSFF and extends application period by one year ECB begins ABSPP, with the intention of it lasting for two years â–  BOJ expands QQE program and accelerates JGB purchases up to ¥80trn (up by ¥30trn) annually ECB announces an expanded asset purchase program where the Bank would purchase €60bn per month from central governments, agencies and European institutions. Total QE would be at least €1.1trn â–  2015 ECB begins PSPP with 90% of total purchases allocated to government bonds â–  BOJ announces inflation forecast cuts to 1% and amends the GSFF and SBLF, increasing the GSFF's maximum amount to ¥2trn and extending the application period to two facilities per year ECB announces deposit rate cut from -0.2% to -0.3% â–  â–  BOJ extends the average remaining maturity of BOJ's JGB purchases to 7-12 years starting in 2016 BOJ applies a negative interest rate -0.1% to certain current accounts financial institutions hold at the bank â–  2016 BOJ increases ratio of deposits exempt from negative rates from 0% to 2.5% â–  ECB increases monthly public and private sector bond purchases (€60 and €80bn) and begins corporate bond purchases. ECB announces EAPP will expand monthly purchases to 80bn in April and TLTO II will be launched starting June 2016 FOMC votes to maintain target range between 25 and 50 basis points and scales back rate rise forecasts among global growth risks â–  ECB cuts deposit rate from -0.3% to -0.4%. The benchmark interest rate is cut from 0.05% to 0% â–  â–  â–  â–  BOE launches a new regular market-wide Indexed Long-term Repo (ILTR) â–  BOE implements forward guidance stating no rate hike until unemployment is 7% â–  FOMC states that beginning January, it will begin tapering and reduce $10bn off monthly bond purchases â–  BOE and HM Treasury announces a one year extension to the FLS â–  Bernanke again hints that QE3 could come to an end.

The market throws a 'taper tantrum' and investors remain wary â–  â–  Bernanke repeats to Congress the Fed is prepared to trim bond buying if the economy improves sufficiently BOJ introduces the QQE monetary easing program, announcing it will double monetary base and continue to conduct money market operations increasing the monetary base ¥60-70trn annually â–  â–  Fed declares it is prepared to increase or reduce the pace of purchases depending on labor market changes BOJ sets a price stability target of 2% and announces it will introduce the open-ended asset purchasing method under the APP â–  ECB announces new program for buying sovereign debt â–  BOJ will purchase additional ¥10trn in Treasury bills and JGBs BOJ will purchase additional ¥10trn in public debt and ¥1trn in private assets as well as fund up to 100 percent of depository institutions’ net increase in lending to the nonfinancial sector â–  â–  BOE expands QE program to £375bn â–  BOE expands QE program to £325bn â–  Fed will continue to purchase $45bn in long-term Treasuries per month but without the sale of short-term Treasuries to sterilize purchases 2013 2012 â–  BOJ will purchase additional ¥10trn in Treasury bills and JGBs â–  BOJ will purchase additional ¥5trn in Treasury bills/reduces FROs â–  Fed will purchase $40bn MBS/month â–  BOJ will purchase additional ¥10trn in JGBs/reduces FROs â–  Fed extends purchases of long bonds/sales of short bonds â–  BOJ will loan ¥1trn in USD and additional ¥1trn in JPY â–  BOJ will purchase additional ¥10trn in JGBs â–  BOE expands QE program to £275bn BOJ will purchase additional ¥5trn in JGBs â–  â–  ECB announces 36-month LTROs â–  ECB will purchase additional €40bn in covered bonds â–  Fed will purchase additional $400bn in long-term Treasuries while selling equivalent in short-term Treasuries â–  BOJ will purchase ¥5trn in public and private assets â–  BOJ will offer ¥10trn in 6-month loans â–  BOJ will loan ¥3trn for growth projects â–  BOJ will offer additional ¥10trn in 3-month loans â–  ECB will purchase €60bn in covered bonds, announces 12-month LTROs â–  BOE expands QE program to £200bn â–  BOE expands QE program to £175bn â–  BOE expands QE program to £125bn â–  BOE announces £75bn QE program â–  BOE will purchase up to £50bn in private assets â–  BOJ increases monthly JGB purchases to ¥1.4trn/month â–  BOJ will lend unlimited amount to banks at policy rate â–  ECB will conduct FRFA repos â–  ECB announces 6-month LTROs â–  BOJ will purchase additional ¥5trn in public and private assets and extend additional ¥5trn in 6-month loans â–  BOJ will loan ¥0.5trn for equity purchases/asset-backed lending â–  2011 BOJ will purchase additional ¥5trn in public and private assets â–  â–  â–  â–  â–  Fed will purchase additional $600bn in Treasuries ECB will purchase sovereign debt in secondary markets 2010 Fed will purchase $300bn in Treasuries, additional $100bn in GSE debt, and $750bn in MBS BOJ will offer ¥10trn in 3-month loan BOJ increases monthly JGB purchases to ¥1.8trn/month â–  BOJ will purchase up to ¥1trn in corporate bonds â–  BOJ will purchase up to ¥3trn in commercial paper â–  2009 FED will purchase $100bn in GSE debt and $500bn in MBS Fed BOJ ECB BOE 2008 Sources for QE Timeline: Agostini, Gabriel et al. Comparative Study of Central Bank Quantitative Easing Programs. School of International and Public Affairs (SIPA), Columbia University.

2016.Fawley, Brett W., and Christopher J. Neely. Four Stories of Quantitative Easing.

Federal Reserve Bank of St. Louis. 2013. .