1 See, e.g., Krishnamurthy, A. and A. Vissing-Jorgensen (2011), “The Effects of Quantitative Easing on Interest  Rates: Channels and Implications for Policy”, Brookings Papers on Economic Activity, Fall; and Andrade, P., J. Breckenfelder, F. De Fiore, P. Karadi and O. Tristani (2016), “The ECB’s Asset Purchase Programme: An Early Assessment", ECB Working Paper No 1956. 2 See D’Amico, S. and T. B.
Available data for the fourth quarter 2014 and some leading indicators suggest momentum is in place for improvement in 2015. Consensus analysts’ forecasts are for the U.S. economy to expand around 3 percent this year and next. The main drivers are expected higher consumption and investment due to personal income gains and improved expectations, and a sustained recovery in the housing construction sector.