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Mutations at the Level of the Measures Adopted by Monetary Authorities

Author

Listed:
  • Marius Constantin APOSTOAIE

    (Alexandru Ioan Cuza University of Iasi, Romania)

  • Stefan MATEI

    (Alexandru Ioan 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 didn’t 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. This study documents two important approaches of classifying “unorthodox” monetary policies and reviews several measures undertook by central banks highlighting the impact and some of the possible risks to the contemporary economy.

Suggested Citation

  • Marius Constantin APOSTOAIE & Stefan MATEI, 2011. "Mutations at the Level of the Measures Adopted by Monetary Authorities," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 349-357.
    • Handle: RePEc:ddj:fserec:y:2011:p:349-357
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    File URL: http://www.rce.feaa.ugal.ro/images/stories/RCE2011/finance-banking-account/MCApostoaie_SMatei.pdf
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    References listed on IDEAS

    as
    1. John B Taylor, 2009. "The Need to Return to a Monetary Framework," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 44(2), pages 63-72.
    2. Marvin Goodfriend, 2000. "Overcoming the zero bound on interest rate policy," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, pages 1007-1057.
    3. Mark M. Spiegel, 2001. "Quantitative easing by the Bank of Japan," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue nov2.
    4. Claudio Borio, 2008. "The financial turmoil of 2007-?: a preliminary assessment and some policy considerations," BIS Working Papers 251, Bank for International Settlements.
    5. Mr. Andre Meier, 2009. "Panacea, Curse, or Nonevent? Unconventional Monetary Policy in the United Kingdom," IMF Working Papers 2009/163, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

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    2. Corina Anamaria IOAN & Florin-Alexandru LUCA, & Constantin SASU, 2014. "Personal Marketing Of Doctors In The Context Of Social Networks," CrossCultural Management Journal, Fundația Română pentru Inteligența Afacerii, Editorial Department, issue 2, pages 369-376, November.

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    More about this item

    Keywords

    central banks; unconventional monetary policy; interest rate policy; balance sheet policy; mutations; FED; ECB; Bank of England;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • 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

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