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Monetary Policy of Main Central Banks During the 2007-2011 Crisis

Author

Listed:
  • Nerina Reyna

    (Central Bank of Argentina)

  • Carlos F. Suárez Dóriga

    (Central Bank of Argentina)

  • Matías Vicens

    (Central Bank of Argentina)

Abstract

Lehman Brothers’ failure required the Central Banks of the main developed and emerging countries to implement non-traditional monetary policy measures with a degree of coordination, cooperation and pragmatism that finds no precedents in history so as to prevent the deepening of the worst post-war recession. For this reason, the crisis has turned to be a monetary policy case study with no historical antecedent of similar magnitude. The purpose of this paper is to provide the reader with a reference source about the measures implemented by the monetary authorities. To this effect, a detailed survey of these measures has been prepared, focused on the peaks of the crisis. At the time of completion of this paper, a new international economic context is setting up, which could eventually require a new round of unconventional monetary policy that will surely guarantee a future case study.

Suggested Citation

  • Nerina Reyna & Carlos F. Suárez Dóriga & Matías Vicens, 2011. "Monetary Policy of Main Central Banks During the 2007-2011 Crisis," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(61-62), pages 189-249, January -.
    • Handle: RePEc:bcr:ensayo:v:1:y:2011:i:61-62:p:189-249
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    File URL: http://www.bcra.gov.ar/pdfs/investigaciones/61_62_Reyna.pdf
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    More about this item

    Keywords

    Bank of England; central banks; developed and emerging countries; European Central Bank; Federal Reserve; international financial crisis; monetary policy; unconventional measures;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other
    • F01 - International Economics - - General - - - Global Outlook

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