Kvantitetssignalerna

Kvantitetssignalerna, often translated as quantity signals, refer to the economic policies and actions undertaken by central banks that aim to influence the overall supply of money and credit within an economy. These policies are distinct from interest rate adjustments, which directly target the cost of borrowing. Instead, quantity signals focus on the volume or quantity of monetary assets available.

A primary tool of quantity signals is open market operations. Here, a central bank buys or sells government securities in the open market. When the central bank buys securities, it injects money into the banking system, increasing the money supply and potentially encouraging lending and economic activity. Conversely, selling securities withdraws money from the system, reducing the money supply and potentially curbing inflation.

Another aspect involves reserve requirements. Central banks can mandate the percentage of deposits that commercial banks must hold in reserve, rather than lending out. Lowering reserve requirements frees up more funds for banks to lend, expanding the money supply. Raising them has the opposite effect.

Quantitative easing (QE) is a more recent and unconventional form of quantity signaling. During QE, central banks purchase long-term government bonds or other assets from the market when short-term interest rates are already near zero. The goal is to further lower long-term interest rates and stimulate economic growth by increasing the money supply and encouraging investment. Conversely, quantitative tightening (QT) involves the central bank reducing its balance sheet, effectively withdrawing liquidity from the financial system. These quantity signals are powerful tools for managing economic conditions, impacting inflation, employment, and overall financial stability.