Sunday, June 05, 2011

QE2: What it Did, and What it Didn't Do

QE2 is winding down, and will be completely finished sometime around the end of this month. And as I mentioned yesterday, I think that the chances for a new round of expansionary action by the Fed this year are very small. Despite what some think, however, the reason for that is not because the Fed's last effort -- what is usually, if inaccurately, referred to as "QE2" -- was a failure. In fact, the research indicates that QE2 worked as intended, and had positive, if modest, effects on the US economy.

What's in a name

Let's start by clearing up an oft-misunderstood point. The Fed did not actually engage in what we typically think of as "quantitative easing", the way that the Bank of Japan did during the early 2000s. The goal of the Large Scale Asset Purchase ("LSAP") program (the more accurate term for QE2) was never to "create money". As illustrated in the chart to the right, none of the reserves given by the Fed to banks under LSAP were actually lent out -- they were all simply held by banks as additional excess reserves, exactly as the Fed expected and intended. Since "money" is only created when banks lend out their reserves, this means that the LSAP program didn't cause any money to be created, which is why the supply of money didn't budge.(1)

So "QE2" (I'll revert to the common shorthand for convenience) was not intended to create money, and did not create money. Instead, the program was intended to help the recovery by reducing long-term interest rates. The Fed did that by selling short-term assets and buying long-term bonds -- that's really the essence of LSAP. (Since the Fed doesn't normally buy a lot of long-term bonds, this program was new and got a special name, but it's fundamentally quite a simple idea.) And the hope was that by buying some long-term bonds and thereby lowering long term interest rates, QE2 would help stimulate demand.(2)

What QE2 didn't do

Before we examine what QE2 did do, it's helpful to understand what it didn't do. A lot of the evils of the world have been wrongly attributed to QE2 in recent months. Here are some frequent criticisms:
  1. QE2 has caused rampant inflation.
  2. QE2 has artificially inflated asset prices such as the stock market.
  3. QE2 has devalued the dollar.
  4. QE2 simply didn't work.
Let's take these in turn.

1. Inflation: Critics say that all of the money pumped into the economy by QE2 has caused a surge in prices. Yet we know that QE2 has actually not created any additional money. So it's hard to see how QE2 has caused inflation. Furthermore, it's quite straightforward to trace the recent rise in global food and commodity prices to certain specific factors such as turmoil in the Middle East and several bad harvests for grains and vegetables (Russia, Argentina, Australia, Mexico).

2. Asset prices: Critics say that by purchasing long-term assets, the Fed has flooded the financial markets with cash, causing all asset prices to rise. A more sophisticated variant of this criticism is that by driving long-term interest rates down, QE2 has forced investors to seek higher returns in other types of assets, driving their prices up. But there are several problems with this theory. First, QE2 created no money (not to beat a dead horse or anything), so any notion that there was a broad injection of liquidity that caused commodity price inflation is wrong. Second, many of these same critics say that QE2 hasn't worked (point 4), and they point to the fact that long-term interest rates are no lower now than they were in the fall of 2010. But if interest rates weren't driven down, how could QE2 have caused asset prices to rise? (As shown below, the evidence is that interest rates actually did go down in response to QE2, but that is not generally recognized by QE2's critics.) Finally, the Fed has only purchased $600bn in long-term US government bonds. That's less than 5% of the US government bonds in existence, and probably well under 1% of the value of all types of traded assets (stocks, bonds, commodities, real estate). Even though the evidence (see below) is that QE2 was able to push down interest rates a bit, it doesn't seem likely that such a relatively tiny influx of demand into bond markets could cause a dramatic change in overall asset prices outside of the bond market.

3. The value of the dollar: Critics say that QE2 weakened the dollar by causing inflation and/or by causing a loss of confidence in the dollar. But the dollar is just as strong as it was in the middle of 2008, and only about 3% weaker than it was in Oct 2010 when QE2 started. So no systematic weakening of the dollar is apparent, which makes it unclear why the critics of QE2 raise this complaint, since they do not typically make the correct comparison against what the dollar exchange rate would have been in the absence of QE2. But more importantly, even if QE2 has caused the dollar to be weaker than it would otherwise have been, we should be thankful for that -- a weaker dollar is exactly what the US economy needs right now to help stimulate demand. It would be a good thing right now, not a bad thing.

4. QE2 simply didn't work: Some critics say that it was a waste of money -- it cost $600 billion but the economy is still lousy. First of all, QE2 didn't actually cost anything -- the Fed still has that $600bn, it's just now in the form of US government bonds. But second, yes, I agree, the economy IS still lousy... but that doesn't tell us anything about whether QE2 worked. Without QE2, it's entirely possible that the economy could have been in even worse shape. So the correct comparison to understand the effects of QE2 is to try to understand what would have happened in the absence of QE2. This, the critics of QE2 do not do. (Plus, if you think that QE2 didn't have any effects, then you should really drop criticisms 1-3, which rely on the premise that QE2 was effective.)

In short, it's pretty unlikely that QE2 caused any of the terrible things its critics attribute to it. So did QE2 actually accomplish anything?

What QE2 did do

The correct way to figure out what QE2 did is to first try to estimate what would have happened without QE2, and then compare that with what actually did happen. And while that can be a tricky exercise, that's what economic research is all about, so let's see what the research has found.

  • Krishnamurthy and Vissing-Jorgensen (Kellogg Northwestern): "The Effects of QE2 on Long-term Interest Rates" (pdf). They find that QE2 was likely to reduce interest rate on long-term AAA bonds by about 30 basis points, and rates on average long-term corporate bonds and mortgage loans by about 10 basis points, compared to what they would otherwise have been. They do not estimate what impact, if any, those interest changes had on real economic activity.

  • Gagnon, Raskin, Remache, and Sack (New York Fed): "Large-Scale Asset Purchases by the Federal Reserve: Did They Work?" (pdf). Using two completely different methodologies they find that QE1 (which was about 3 times the size of QE2) reduced long-term interest rates by between 50 and 80 basis points. Based on that estimate, the implied effect of QE2 would be to reduce long-term interest rates by between roughly 15 and 30 basis points.

  • Hamilton and Wu (UCSD / Chicago): "The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment" (pdf). They estimate that a $400bn LSAP by the Fed would reduce long-term interest rates by about 13 basis points; a simple linear extrapolation of this result implies that QE2 would have reduced interest rates by about 20 basis points.

  • D'Amico and King (FRB): "Flow and Stock Effects of Large-Scale Treasury Purchases" (pdf). They look at the stock and flow effects of the Fed's purchases of Treasury securities in 2009 to estimate their impact on interest rates. Their estimates imply that QE2 would have had a total impact on long-term interest rates of between 15 and 30 basis points.

  • Chung, Laforte, Reifschneider, and Williams (FRB / SF Fed): "Estimating the Macroeconomic Effects of the Fed's Asset Purchases". Using the Fed's own large-scale model of the US economy (FRB/US), they estimate that QE2 pushed down long-term interest rates by about 25 basis points. They also use the FRB/US model to estimate the impact that this had on unemployment and output, and find that QE2 raised GDP by about 0.75%, and employment by about 700,000.
While this is not an exhaustive compilation of the research, it's striking that the estimates are all remarkably similar, despite very different methodologies: QE2 reduced long-term interest rates by 20 to 30 basis points compared to what they would otherwise have been, and this in turn almost certainly had some positive impact on employment and output in the US.

So... Was QE2 a good idea?

Unfortunately, QE2 is not the only thing that has affected the US economy over the past 6 months, and many of the other forces at work have negatively impacted the economy. So the small but positive effects of QE2 were swamped by the other things going on such as supply-side shocks, contractionary fiscal policies, the US Treasury's program of large scale asset sales (i.e. bond sales to finance the deficit) that directly undid much of the effect of QE2 on interest rates (see Jim Hamilton for more on that), and a discouraging lack of private demand.

So yes, I would say that QE2 was probably a good idea, but it was simply not a sufficiently powerful tool to be able to single-handedly ensure a good recovery in the face of all of these headwinds. It helped a bit at the margin, and may have played a crucial role in helping the US step away from a dangerous flirtation with deflation in 2010... but the problems facing the US economy are just too numerous and substantial. My conclusion is that the only policy tool powerful enough to really help the US economy right now would be a new round of expansionary fiscal policy. Unfortunately, that's about as likely as me winning an Oscar this year.

That doesn't mean that QE3 would be a bad idea. In fact, given the new and alarming weakness in the US recovery, I think that further expansionary monetary policy would be very much worth trying. I wouldn't expect a dramatic impact, but right now the US could use every little bit of help it could get. Unfortunately, QE3 is only slightly less unlikely than a new round of expansionary fiscal policy (maybe on par with the likelihood of me winning a Grammy). And that's too bad, because every month that goes by with current levels of unemployment causes permanent long-term damage to countless individual lives, as well as to the US economy as a whole.

UPDATE: text edited slightly for clarity.

(1) For more on the distinction between what the Fed actually did and "quantitative easing", take a look at this speech by Ben Bernanke from January 2009, especially the part about halfway through.
(2) There are a number of channels through which lower long-term interest rates could possibly stimulate demand, including wealth or
portfolio effects, exchange rate effects, and direct interest rate effects.


  1. Andy Harless12:08 AM

    You seem to contradict yourself here.  In the first part, you seem to say that QE2 didn't affect asset prices, but in the second part you present evidence that it did affect asset prices (since bonds are assets -- and also substitutes, to some extent, for other kinds of assets).  Moreover, I think some of those studies also suggest that QE2 affected (or would affect) the value of the dollar, and it seems implausible to me that QE2 could fail to affect the value of the dollar if it did affect bond yields.

    Also, you seem to ignore possible expectation/signalling effects of QE2.  TIPS and other data suggest that inflation expectations increased fairly dramatically during the period that QE2 was being discussed and announced.  That may be a coincidence, but I doubt it.  I would say that the Fed's willingness to do something when the inflaiton rate got too low was a signal of the Fed's intention to avoid excessively low inflation rates.  (The implication is that QE3, and QE4, and QE17, if necessry, will happen also if the inflation rate goes below 1% again.)

  2. Anonymous7:51 AM

    OK, I'm slow, so indulge me.

    You say that the Fed never intended for banks to actually lend out their new liquid reserves.  They only wanted to reduce long-term interest rates.

    So why did the Fed want to reduce long-term interest rates?  Isn't the point of targeting low interest rates to spur additional lending?

  3. kharris8:56 AM

    I'm normally a big fan of your writing, Kash.  Today, not so much.  The habit of comparing some result now to a result at another time, as you did in your 4 points, is a bad one.  We need to aim at understanding what the counterfactual would have been.  Long end yields are no lower now than in the fall of 2010, but where were they likely to have been if the Fed had not engaged in a second round of asset purchases?  The dollar is "only about 3% weaker" than at the beginning of the 2nd round of asset purchases, but where would it have been absent additional Fed purchases?  There is lots more going on than just Fed purchases, so using market prices as evidence in isolation leads to mistaken conclusions.  Counterfactuals are tough, particularly with exchange rates in the short term, but presenting the argument in any other way tempts us to make all sorts of specious comparisons. 

    You earn only partial redemption by citing studies which do consider counterfactuals later on.

  4. kharris: In fact, one of the central points of this post was exactly what you say: you cannot judge the effects of QE2 without looking at counterfactuals.  None of the 4 criticisms of QE2 that I listed do that, however, which is a part of why they are misguided.  That is why I wrote: "to understand the effects of QE2 is to try to understand what would have happened in the absence of QE2".   That is also why I wrote: "QE2 is not the only thing that has affected the US economy over the past 6 months, and many of the other forces at work have negatively impacted the economy. So the small but positive effects of QE2 were swamped by the other things..."  The four points I listed were my distillation of the criticisms of QE2, not my own analysis.

    Guest: There are a few ways in which lower interest rates can spur demand even without increased bank lending.  They can increase asset prices and thus wealth, stimulating demand.  They can help persuade corporations to make investments in plant and equipment (since the alternative, keeping money in bonds, pays relatively poorly). They can help reduce the value of the dollar, spurring exports.

    Andy Harless: I do agree that QE2 affected the price of long-term bonds; the point I was trying to make is that it is a leap to then say that it affected the price of other assets.  Regarding the dollar, yes, it is likely that QE2 did weaken the dollar somewhat (though I haven't seen specific estimates of that); but my point was that that would be a good thing, not a bad thing.  (I should clarify that in the post, since my original text was obviously not sufficiently clear on that point.)  Finally, yes I agree that expectations are critical here, and that's exactly why I think QE2 may have played an important role in helping to avoid deflation in 2010.  So if anything, QE2's effects were even more positive than the strict numerical estimations suggest.

  5. Moopheus9:43 AM

    Also, you ignore the way the program was actually set up to work. Sure, the reserves might stay with the banks, but the investors who would have purchased those bonds in the absence of the Fed program instead purchase stocks, commodities, and other assets that might earn higher rates than Treasuries, whose yields are suppressed. They may not be getting cash directly from the Fed, but investors's own cash reserves are freed up for other work. Fed officials have themselves stated this is the case. And it appears that at least some of that is speculative investment in food and energy. And none of it has ended up in the pockets of people who actually work for a living.

  6. Mark A. Sadowski5:06 PM

    The fact that QE2 did or did not create any money is irrelevant. For example, although reserve requirements were not binding in 1937, the increase in reserve requirements is still widely creditied with causing the 1937-38 contraction.

    My own view is that the primary channels for the effect of QE2 should be observed in inflation expectations, asset prices and the exchange rate.

    1) Inflation Expectations
    US Dollar Two Year Zero Coupon Inflation Swap
    8/26/10 0.92%
    5/2/11 2.72%
    6/3/11 2.10%

    2) Asset Prices
    S&P 500
    8/26/10 1047
    4/29/11 1364
    6/3/11 1300

    3) Exchange Rate
    Trade Weighted Major Dollar Index
    8/26/10 76.6
    5/2/11 68.2
    5/27/11 69.9

    Note that from the day before Bernanke announced the likelyhood of QE2 at Jackson Hole to approximately 8 months later (the term of actual implementation) 2 year inflation expectations increased by 1.8%, the S&P 500 rose 30.3% and the value of the dollar fell 11.0%. The first can be taken as a proxy for nominal growth expectations, the second implies that household wealth increased by about $5 trillion and the third resulted in US exports becoming more competitive.

    Note also that all of these indicators have shown a retrenchment (20%-34%) since peaking in late April or early May.


  7. Mark A. Sadowski5:07 PM


    Is there reason to believe QE2 has had an effect on real final sales of domestic product (a proxy for aggregate demand) and employment?

    1) Employment
    Looking at the household data one will note that the bottom occurred in December of 2009. In the 18 months since a total of 1.8 million jobs have been added. During that time there have been two major spurts in job creation (separated by a period of job loss).

    A) During January 2010 through April 2010, counting the population correction factor, 1.49 million jobs were created. (Approximately 66,000 of the jobs were temporary census workers added in the month of April.)

    B) During December 2010 through March 2011, counting the population correction factor 1.43 million jobs were added.

    In each case the spurt in job creation followed an relatively strong quarter of real final sales of domestic product. During the entire recovery there have only been two quarters where the real growth rate in final sales of domestic product exceeded 1.1%: 1) the fourth quarter of 2009 (2.1%), and 2) the fourth quarter of 2010 (6.7%). Which leads me to real final sales of domestic product.

    2) Real Final Sales of Domestic Product (real GDP less inventory change)
    Estimates of the effect of the discretionary fiscal stimulus by Goldman-Sachs suggest that it added 0.5%, 2.3%, 1.9%, 1.8%, 1.6%, 0.5%, 0.0%, -0.5%, 0.0% to real growth in each quarter from 2009Q1 through 2011Q1 respectively. In the absence of the discretionary fiscal stimulus this suggests that real growth in final sales of domestic product would have been -4.4%, -2.1%, -1.5%, 0.3%, -0.5%, 0.4%, 1.7%, 7.2%, 0.6% in each quarter from 2009Q1 through 2011Q1 respectively.

    Note that it is estimated that without the discretionary fiscal stimulus the real growth in final sales of domestic product would never have exceeded 0.4% prior to 2010Q3. The surge since then, particularily in 2010Q4 thus stands out.
    I think this suggests that QE2 had a substantial though short lived effect on real final sales of domestic product and subsequently on employment.

    Given that the withdrawl of the discretionary fiscal stimulus is forecast to be a substantial and presistent drag on real growth for the remainder of this year, and that the benefit of QE2 appears to be mostly behind us, I am not sanguine about the prospects of the economy going foreward.

    QE3 would be better than nothing. A more coherent way of implementing "unconventional" monetary policy, such as price level or nominal GDP level targeting would be better still.

  8. Anonymous3:42 AM

    Hi! I know this is kind of off-topic but I had to
    ask. Does running a well-established website such as yours take a massive amount work?

    I'm brand new to operating a blog but I do write in my journal everyday. I'd like to
    start a blog so I will be able to share my experience
    and feelings online. Please let me know if you have any ideas or tips
    for new aspiring blog owners. Thankyou!
    Also visit my page :: top seo company

  9. Anonymous12:26 PM

    Thank you for some other great post. The place else may anybody get that type of information
    in such a perfect manner of writing? I've a presentation subsequent week, and I'm on the look for such
    Feel free to surf my blog :: smoking with hypnotherapy

  10. Anonymous5:33 AM

    Hello everyone, it's my first go to see at this site, and piece of writing is genuinely fruitful for me, keep up posting these posts.
    Also visit my homepage ...

  11. Anonymous6:58 AM

    We arе а group of volunteеrs аnd stаrtіng a nеw ѕchеmе in our community.
    Yοuг ѕite οffeгеd us ωith valuable info to work on.
    You've done a formidable job and our whole community will be thankful to you.

    Also visit my webpage - simply click the up coming internet site

  12. Anonymous6:10 AM

    Thanks for one's marvelous posting! I quite enjoyed reading it, you can be a great author. I will remember to bookmark your blog and definitely will come back later on. I want to encourage continue your great work, have a nice day!

    My website Http://asilomanila.Com

  13. Anonymous5:59 PM

    This рoѕt is ρrісelеsѕ.

    Whеn сan I find out moге?

    Fееl free to surf tо my hоmepage; small loans

  14. Anonymous3:15 AM

    Me and ozzy fucked more challenging, trying to show to my personal god!
    FUCK YES!' prior to cumming inside my warm pussy. were still fucking

    Here is my web blog :: hcg injections

  15. Anonymous9:30 PM

    I really like your blog.. very nice colors & theme.
    Did you design this website yourself or did you hire someone
    to do it for you? Plz respond as I'm looking to create my own blog and would like to know where u got this from. thanks a lot

    my website whole bean coffee

  16. Anonymous8:48 AM

    Sir, pls send out that video to my email I.
    D. It will be support ful 2 make pcb simple. Thankyou.

    Here is my blog

  17. Anonymous10:16 AM

    sir, kindly deliver me the video.

    Also visit my web page xerox phaser 8560 toner

  18. Anonymous6:06 PM

    Today, I went to the beach with my kids. I found a sea shell and
    gave it to my 4 year old daughter and said "You can hear the ocean if you put this to your ear." She placed the shell to her ear and screamed.
    There was a hermit crab inside and it pinched her ear.
    She never wants to go back! LoL I know this is entirely off topic but I had to
    tell someone!

    Feel free to surf to my webpage

  19. Anonymous11:01 PM

    Just go and browse through some serviceed online websites
    and acquisition out the deals of your best with just few simple clicks.

    It has all the extra features that the i - Pad has too, just fewer apps because it's fairly new compared to the i - Pad. The Blackberry Play - Book makes a superb back-to-school gift, and also a great holiday gift idea.

    Check out my blog post - blackberry playbook

  20. Anonymous2:31 PM

    Demand is strong and expected to increase over the coming year.
    These data plans will enable seamless voice and video calls
    with high resolution, excellent sound clarity and no lag on hand-held gadgets.

    It can also be used to quickly search Google or Wikipedia.

    My web site - samsung galaxy s4

  21. Anonymous6:22 PM

    Hi, i think that i saw you visited my web site thus i
    came to “return the favor”.I am trying to find things to improve my web site!

    I suppose its ok to use a few of your ideas!!

    Here is my site;

  22. Anonymous1:27 AM

    Wow that was unusual. I just wrote an extremely long comment
    but after I clicked submit my comment didn't show up. Grrrr... well I'm not writing all
    that over again. Anyways, just wanted to say fantastic blog!

    Here is my website freezer & appliance repair Clearwater FL

  23. Anonymous1:43 AM

    Wow, marvelous blog layout! How long have you been blogging for?
    you make blogging look easy. The overall look of your site is excellent, let alone the content!

    Here is my web site - appliance repair Safety Harbor contractors FL

  24. Anonymous1:54 AM

    Hello, I enjoy reading through your post. I wanted to write a little
    comment to support you.

    Feel free to visit my homepage - free estimate for appliance repair Dunedin FL

  25. Anonymous8:01 AM

    Having read this I thought it was very enlightening.
    I appreciate you spending some time and effort to put this informative article
    together. I once again find myself personally spending a lot of time
    both reading and commenting. But so what, it
    was still worth it!

    Take a look at my website - Modcloth coupon

  26. Anonymous11:55 AM

    I'd like to thank you for the efforts you have put in writing this site. I'm hoping to view
    the same high-grade blog posts from you later
    on as well. In fact, your creative writing abilities has inspired me to get my own site now ;)

    Here is my website - xerox 8560 specs

  27. Anonymous10:52 PM

    Apologies if the chart is confusing. It's brand-new and your comments is appreciated. Printing below is self-service and meant to supply designers a hands-on, reduced expense alternative. Designers need to enroll in among the membership prepares before printing. If you're aiming to send out files and have your task
    published for you, I could suggest printing shop in Divine superintendence that can do this.

    Also visit my weblog - xerox phaser 8560dn

  28. Anonymous7:32 AM

    If уоu would like to оbtain a grеat dеal fгom this post thеn you have to аpply theѕe strategies to your won blоg.

    Stοp bу my homepage

  29. Anonymous12:56 PM

    There are a great amount of channels to choose from including CNN, Amazon Instant Video, HBO GO,
    Crackle, MLS Game Day, music from Pandora, play games and more.
    The new features from Roku will start kicking in this week for owners
    of the Roku steaming video player models roku 2, Roku LT, and Roku HD
    #2500. The stations that I get over the aerial all
    have their own icon in the menu.

  30. Anonymous2:55 PM

    This runs you through various steps such as choosing your country and
    language and what specific elements you want to install.
    1 is Samsungs replacement of the original galaxy tab
    10. Business travel become less an adventure and more an experience,
    this a 7 inch tablet which you can take it anywhere with

  31. Anonymous7:39 AM

    We have a Dell 5110CN printer that was being used
    at our switzerland office (various current.
    ) We have considering that shipped the printer to our Canadian workplace but it will certainly not electric up.
    I was told that we need to switch over the voltage setting on the power supply yet i can not locate it.
    Do you understand where this switch is on the printer?

    Look into my site -

  32. Anonymous11:43 PM

    Thank you for sharing your thoughts. I really appreciate your efforts and I am waiting for your next write ups thank
    you once again.

    Also visit my site smart circle directv

  33. Anonymous5:39 AM

    With havin so much content and articles do you ever run into any problems
    of plagorism or copyright infringement? My website has a
    lot of completely unique content I've either written myself or outsourced but it seems a lot of it is popping it up all over the web without my permission. Do you know any techniques to help reduce content from being stolen? I'd definitely appreciate it.

    Feel free to visit my homepage - visit the following internet page

  34. Anonymous1:33 PM

    The only clicks that count toward the monthly totals come from web searches like Google or from visitors who have
    clicked on a laptop after visiting our "Notebook Database" or
    inside our forums. Equipped with the latest 3rd generation Intel Core series processors, a wide
    selection of ports, and up to 15 hours of real-world battery life, the T430 is one
    of the best business notebooks of 2012. On the other
    hand, Galaxy Note comes with three color choices – Black, White and Pink.

    Feel free to visit my blog samsung galaxy s3

  35. Anonymous12:08 PM

    This piеce of wrіtіng offers cleaг iԁеа іn ѕupport of the new
    vіewers οf blοgging, that genuinelу how to ԁo гunning a blog.

    Неre is my sіte:

  36. Anonymous8:17 PM

    My brother recommended I might like this website.
    He was entirely right. This post truly made my day. You cann't imagine simply how much time I had spent for this info! Thanks!

    Also visit my blog; linux dedicated server web hosting

  37. Anonymous12:22 PM

    This feature adds more digital camera ratings and is perfect for professional nature photographers who want to take photos with no artificial lighting.

    Obviously, there may be some changes in the images produced by the pre and production run 5DIIIs.
    While recording, you can also change the audio levels by using the touch wheel,
    so if the audio is riding a little too high, you can change on the fly.

    Here is my web page - canon 5d mark iii

  38. Anonymous12:32 AM

    I like what you guys tend to be up too. This sort
    of clever work and exposure! Keep up the very good works
    guys I've included you guys to my personal blogroll.

    Here is my blog -

  39. Anonymous8:11 AM

    Nikon D200 was launched way back in November 2005 and still is one of
    the favorites for beginners in photography field.
    If not, can not be any tech backup for you will be able to achieve.

    It is owner by Matt Furer who has been fixing cameras for 22 years.

    Also visit my website - nikon d7100 review

  40. Anonymous2:06 AM

    Greetings to all,
    Thanks to HP, that I am glad to notify
    that I download and install Hp Laser Jet 1018 vehicle drivers to my system operates, perfectly.
    Previously I had a trouble that it will not print
    anything. now it will certainly be solved though HP motorists.

    Feel free to surf to my page - xerox phaser 8560mfp

  41. Anonymous7:40 PM

    Sir, extremely v usefull the website send me theVideo thangs.

    Also visit my blog post: xerox phaser 8560 service manual (

  42. Anonymous5:08 PM

    I m having this error on a 4700 color laserjet network
    printer. It begins spitting out pages non quit with this error.
    anyone has a tip if this is software application or device.
    I have all most recent motorist and firmware updates.
    motorist I am filing a claim against is PCL6. any sort of assistance would certainly be appreciated.

    Here is my web site; xerox phaser 8560 printer

  43. Anonymous10:18 AM

    hp laserjet 1020 vehicle drivers sustains Windows XP.

    The HP 1020 LaserJet is an excellent.

    Also visit my page ... xerox phaser 8560 maintenance kit