When Will The ECB Realize That Q(Q)E = V?

QE (or QQE for Japan) is gaining traction with respect to the velocity of nominal GDP. Q1 GDP data are consistent with our view that QE has been sufficiently forceful in the US and Japan to support nominal GDP, despite various headwinds, including fiscal austerity in the west. US nominal GDP moved…

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When Will The ECB Realize That Q(Q)E = V? – Barclays

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