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Mutations at the Level of the Measures Adopted by Monetary Authorities

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  • Marius Constantin APOSTOAIE

    ()
    (Doctoral School of Economics, Faculty of Economics and Business Administration, Al. I. Cuza University of Iasi, Romania)

  • Stefan MATEI

    ()
    (Doctoral School of Economics, Faculty of Economics and Business Administration, Al. I. Cuza University of Iasi, Romania)

Abstract

Following the intensification of the international financial crisis in autumn 2008, the functioning of the financial system was seriously hindered. Central banks around the world responded firmly by lowering their key interest rates to historically low levels. As financial conditions did not improve as hoped and the real economy was still unstable, revealing therefore the limits of mainstream monetary policy, many monetary authorities employed several unconventional measures. The scope of this paper is to investigate two important approaches of classifying “unorthodox” monetary policies and review several measures undertook by central banks, highlighting the impact and some of the possible risks to the contemporary economy

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Bibliographic Info

Article provided by "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration in its journal Economics and Applied Informatics.

Volume (Year): (2012)
Issue (Month): 2 ()
Pages: 53-60

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Handle: RePEc:ddj:fseeai:y:2012:i:2:p:53-60

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Keywords: Central banks; Unconventional monetary policy; Interest rate policy; Balance sheet policy; Mutations; FED; ECB; Bank of England;

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  1. Claudio Borio, 2008. "The financial turmoil of 2007-?: a preliminary assessment and some policy considerations," BIS Working Papers 251, Bank for International Settlements.
  2. Marvin Goodfriend, 2000. "Overcoming the zero bound on interest rate policy," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, pages 1007-1057.
  3. John B Taylor, 2009. "The Need to Return to a Monetary Framework," Business Economics, Palgrave Macmillan, vol. 44(2), pages 63-72.
  4. Mark Spiegel, 2001. "Quantitative easing by the Bank of Japan," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue nov2.
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