Abstract

This paper deals with the quantitative easing, which is a monetary policy tool developed and used by some central banks, to treat some of the economic problems in their own countries, It is complementary tool in addition to the traditional monetary policy tools, designed to treat the problems that these tools failed to solve.
Interest rates have been very low in the United States, Japan and the EU countries since the end of the nineties, and this is what limited the effectiveness of traditional tools. Prompting central banks to use quantitative easing to reach the goals they want.
The quantitative easing is based on using money issued by central banks to buy securities which prices have stalled, especially those of long-term, for the purpose of rising their prices and increase the liquidity of commercial banks that hold those bonds. And thus treat the liquidity crises that engulfed those banks and eased the economic crisis in the United States and the countries of the European Union and the economic downturn in Japan.
This tool solved many problems experienced by the economies of these countries since the beginning of the third millennium. However, studies that tried to track the effects of quantitative easing on economic variables did not prove final and certain results about its impact on inflation and the prices of financial assets, exchange rates and interest rates on long-term and views on it still as a expectations.