From widening spreads on many countries' sovereign bonds to Britain's failure to sell all the gilts it wanted to at a recent auction, there are signs that stimulus has its limits for some.
The government could have a one-off tax increase, two years later, to get back the money that has been paid out, just the Bank can now sell back the gilts it has bought under QE.
For Prof Miles, this raises an obvious question: what, exactly, do we get out of a "helicopter drop" - or the bank just extinguishing all the gilts it has bought - which we do not get out of the policy we have now?
However in those glorious circumstances, the price of gilts would almost certainly fall and the borrowing costs for the government would rise - because investors would feel less in need of the safety supposedly offered by gilts.
It will invest mainly in government gilts at the outset, moving to company shares in the middle of your life and moving back to a mixture of gilts and cash on the run-in to your expected retirement age.
The narrowest measure of the money supply - in effect, cash on bank balance sheets - has risen by 58% since September, as you'd expect when the Bank is handing their customers all that freshly created money in exchange for the purchased gilts.
So can that additional demand be created without the price of gilts falling and implied borrowing costs for the government rising?
As long as Bank rate is near zero and the Bank of England buys new gilts to replace the ones that mature, quantitative easing looks an awful lot like a "helicopter drop".
In the graph above it is clear that most of the growth in demand for gilts has come from the banks category, and within that category, almost all the demand has been from the Bank of England.
The process of steering public finances toward a sustainable path long term interest rates (the yield on gilts) would have been delayed .
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"The change to the remit doesn't go quite as far as some in markets had speculated, and therefore the reaction from the currency and gilts has reflected this, " said Philip Shaw, chief economist at Investec.
They have benefited from the rush to issue gilts by Her Majesty's government as they seek to raise the finance to pay the bill for the bank bailout.
So it may be better to look for a solution on the demand side: why is it that British pension funds are so desperate for long gilts in the first place?
The amount of new gilts it would have had to issue a couple of years ago to set up the bad bank was prohibitively great.
Based on the OBR's revised projections for government borrowing, investors are expected to buy astonishing quantities of gilts over the coming five years.
The question now is who will step in to buy all these new gilts now that the Bank of England has withdrawn from the market.
In the U.K., index-linked gilts adjust for movements in the Retail Price Index (RPI) and are similar to their American cousins, Treasury Inflation Protected Securities (TIPS), which track the Consumer Price Index (CPI).
Even though, for instance, the Bank of England is holding the very same UK gilts it bought between March 2009 and Jan. 2010.
At around 77 basis points, the premium to insure UK five-year gilts is 55% less than the cost of insuring equivalent French government debt.
Crucially, it states that the present value of future liabilities must be calculated by using the yield on long gilts as a discount rate.
The requirement, drawn up after Robert Maxwell robbed his companies' pensions funds in the early 1990s, attempts to assess the present value of pension funds' future liabilities, taking the yield curve on gilts as its reference point.
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The increase in just one year illustrates the open-ended nature of the guarantee that is so blighting the insurer's prospects, since it has to set aside reserves in gilts in order to meet the obligation even if this means selling equities into falling stockmarkets.
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While the FTSE 100 slipped and U.K. gilts fell back, sterling ticked higher against the dollar.
The transfers will continue until the Bank has raised its own cost of borrowing above the level of interest it is receiving on its gilts, or starts to make losses selling them back to the market, probably for less than they bought them for.
At best there is a precautionary case: without fiscal tightening, the Tories fear, bond yields are bound to rise, especially when the Bank of England stops buying gilts.
Prices should adjust so that total expected returns on gilts of all maturities are the same.
There are concerns that demand for gilts could decline ahead of the general election, amid worries that a hung parliament could get in the way of forming plans to reduce the country's deficit.
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