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Published: JanuShow citation Download citation Keywords: central banks´ balance sheet, quality of money, qualitative easing, balance sheet analysis, subprime crisis JEL classification: E31, E52, E58, E59, M40 Our analysis shows that the analysis of central bank balance sheet policies should not rely solely on quantitative issues but rather include qualitative issues. The calculation of certain balance sheet ratios supports the assessment of an important decrease of the quality of the currency. Starting in September 2008 the balance sheet expanded dramatically. However, the structure of the FED assets varied pronouncedly. Until September 2008 the balance sheet of the FED did not expand strongly. As an illustration we analyze the balance sheet of the Federal Reserve System (FED) during the subprime crisis between June 2007 and December 2008. In this article we argue that the balance sheet of a central bank contains valuable information for the quality of a currency. University of Bayreuth, 95440 Bayreuth, Germany. Unversity Rey Juan Carlos, 28032 Madrid, Spain 2 Prague Economic Papers 2010, 19(3):195-217 | DOI: 10.18267/j.pep.372 A Cardiograph of the Dollar's Quality: Qualitative Easing and the Federal Reserve Balance Sheet During the Subprime Crisis Philipp Bagus 1, Markus H.

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