The net increase in assets of the European Central Bank has so far been more modest, with assets increasing from less than 10 percent of nominal GDP to more than 20 percent of nominal GDP – but their quantitative easing (QE) program is not yet under way.
For the remainder of my remarks, I will focus on the Fed, beginning with some remarks about the asset purchase programs. The Federal Reserve asset purchase programs The nature of our purchase programs has changed over time.