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Amplification effects and unconventional monetary policies

Author

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  • Cécile Bastidon

    (LEAD - Laboratoire d'Économie Appliquée au Développement - UTLN - Université de Toulon, CAC-IXXI, Complex Systems Institute)

  • Nicolas Huchet

    (LEAD - Laboratoire d'Économie Appliquée au Développement - UTLN - Université de Toulon)

  • Philippe Gilles

    (UTLN UFR SEG - Université de Toulon - UFR Sciences économiques et de gestion - UTLN - Université de Toulon)

Abstract

Global financial crises trigger off amplification effects, which allow relatively small shocks to propagate through the whole financial system. For this reason, the range of Central banks policies is now widening beyond conventional monetary policies and lending of last resort. The aim of this paper is to establish a rule for this practice. The model is based on the formalization of funding conditions in various types of markets. We conduct a comprehensive analysis of the “unconventional monetary policies”, and especially quantify government bonds purchases by the Central bank.
(This abstract was borrowed from another version of this item.)

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  • Cécile Bastidon & Nicolas Huchet & Philippe Gilles, 2012. "Amplification effects and unconventional monetary policies," Post-Print hal-03318516, HAL.
    • Handle: RePEc:hal:journl:hal-03318516
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    Cited by:

    1. Cécile Bastidon, 2013. "Un modèle théorique d'intermédiation : transmission et gestion des chocs," Post-Print hal-00806524, HAL.
    2. Cécile Bastidon & Philippe Gilles & Nicolas Huchet, 2016. "The ECB, Between Conservatism and Pragmatism," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 5(1), pages 25-52.

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