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Interest Rates, Prices and Liquidity

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  • Chadha,Jagjit S.
  • Holly,Sean

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Abstract

Many of the assumptions that underpin mainstream macroeconomic models have been challenged as a result of the traumatic events of the recent financial crisis. Thus, until recently, it was widely agreed that although the stock of money had a role to play, in practice it could be ignored as long as we used short-term nominal interest rates as the instrument of policy because money and other credit markets would clear at the given policy rate. However, very early on in the financial crisis interest rates effectively hit zero percent and so central banks had to resort to a wholly new set of largely untested instruments to restore order, including quantitative easing and the purchase of toxic financial assets. This book brings together contributions from economists working in academia, financial markets and central banks to assess the effectiveness of these policy instruments and explore what lessons have so far been learned.

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Bibliographic Info

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This book is provided by Cambridge University Press in its series Cambridge Books with number 9781107014732 and published in 2011.

Order: http://www.cambridge.org/uk/catalogue/catalogue.asp?isbn=9781107014732
Handle: RePEc:cup:cbooks:9781107014732

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Web page: http://www.cambridge.org

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Cited by:
  1. Francis Breedon & Jagjit S. Chadha & Alex Waters, 2012. "The Financial Market Impact of UK Quantitative Easing," Studies in Economics 1211, Department of Economics, University of Kent.
  2. Domenico Giannone & Michele Lenza & Huw Pill & Lucrezia Reichlin, 2012. "The ECB and the Interbank Market," Economic Journal, Royal Economic Society, vol. 122(564), pages F467-F486, November.
  3. Giovanni Melina & Stefania Villa, 2013. "Fiscal Policy and Lending Relationships," IMF Working Papers 13/141, International Monetary Fund.
  4. Rogers, John H. & Scotti, Chiara & Wright, Jonathan H., 2014. "Evaluating Asset-Market Effects of Unconventional Monetary Policy: A Cross-Country Comparison," International Finance Discussion Papers 1101, Board of Governors of the Federal Reserve System (U.S.).

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