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Economía del Ave María : el modelo teórico detrás de las políticas monetarias no convencionales

Author

Listed:
  • Louis-Philippe Rochon

    (Université Laurentienne, Canada - Université Laurentienne, Sudbury, Ontario, Canada)

  • Guillaume Vallet

    (CREG - Centre de recherche en économie de Grenoble - UGA [2016-2019] - Université Grenoble Alpes [2016-2019])

Abstract

As the era of negative interest rates continues, at least for the time being, it is a topic worth reflecting upon, especially in an attempt to understand its theoretical roots, and particularly in light of a possible upcoming slowdown in economic activity in the US and elsewhere (at the time of writing). This paper examines the evolution of monetary policy since the crisis, and focuses on so-called unconventional policies like Quantitative Easing (QE) and negative interest rates, arguing that from a theoretical, albeit neoclassical, perspective, both policies are related and based on the same money-multiplier model.

Suggested Citation

  • Louis-Philippe Rochon & Guillaume Vallet, 2019. "Economía del Ave María : el modelo teórico detrás de las políticas monetarias no convencionales," Post-Print halshs-02319481, HAL.
    • Handle: RePEc:hal:journl:halshs-02319481
    DOI: 10.22201/fe.18701442e.2019.34.71955
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    Cited by:

    1. Louis-Philippe Rochon & Guillaume Vallet, 2022. "The institutions of the people, by the people and for the people? Addressing central banks' power and social responsibility in a democracy," PSL Quarterly Review, Economia civile, vol. 75(301), pages 83-102.

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