This brings me to my second question, which concerns the persistence of asset purchase programmes. The persistence of asset purchase programmes: theory Unfortunately, surprisingly little is known about this issue in the academic literature, mainly due to the preponderance of event studies in existing research.7 Those studies have little to say about the persistence of asset purchase programmes long after they are announced.
The mix of monetary conditions On numerous occasions over the past year or two, I have indicated that the particular mix of monetary conditions was unhelpful -- that the exchange rate was too high, putting excessive pressure on exporters, and that interest rates remained too low to discourage borrowing for housing purposes, or to encourage increased domestic savings.