Abstract
Since November 2008, the Federal Open Market Committee (FOMC) has been using bond purchases to reduce long-term interest rates to support housing markets, employment, and real activity. The FOMC has varied these large-scale asset purchases?commonly called quantitative easing (QE)?with the perceived state of the economy. Its most recent incarnation of QE, QE3, announced in two phases (September 13 and December 12, 2012), committed the Fed to monthly purchases of $85 billion in bonds.
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