BIS central bankers’ speeches  3  E.  Policy change from comprehensive monetary easing to QQE  The Bank had pursued comprehensive monetary easing through March 2013, and in April it carried out a policy change and introduced QQE soon after the new Governor and Deputy Governors took office.
We also simulated the model with the revisions to futures prices that occurred subsequently over 2004 and through mid-September of this year. Based on a comparison of these simulations, we estimate that real GDP growth was held down 1/2 percentage point in 2004 and 1 percentage point this year relative to what it otherwise would have been.