In the United States, GDP grew moderately, and for a fifth consecutive year, output remained below its secular trend. Signs of improvement in several variables in the United States are encouraging, including those suggesting the beginning of a turnaround in the housing market and the gradual recovery of bank lending to the private sector.
But it is clear that QE is having a signalling effect and this channel is working very successfully. But aren’t such reports about the successful effect of QE on the real economy somewhat premature? Previously, even the ECB used to say that monetary policy measures take 12–18 months to have an effect.