A new publication released this week offers details about the MORE effort. Copies are available here today, and it is available online at the website of the Federal Reserve Bank of Chicago. 1 The report identifies approaches the Fed has taken to mitigate the foreclosure crisis, and I’d like to share some highlights of that work.
Indeed, looking back at the track record of the Bank of Japan’s monetary policy conduct, the Program started off at a size of about 35 trillion yen, with purchases of financial assets expected to be completed by end-2011. At present, its size has become about 91 trillion yen and its timeframe has been extended until end-2013.