Monetary Policy of Main Central Banks During the 2007-2011 Crisis
Lehman Brothers’ failure required the Central Banks of the main developed and emerging countries to implement non-traditional monetary policy measures with a degree of coordination, cooperation and pragmatism that finds no precedents in history so as to prevent the deepening of the worst post-war recession. For this reason, the crisis has turned to be a monetary policy case study with no historical antecedent of similar magnitude. The purpose of this paper is to provide the reader with a reference source about the measures implemented by the monetary authorities. To this effect, a detailed survey of these measures has been prepared, focused on the peaks of the crisis. At the time of completion of this paper, a new international economic context is setting up, which could eventually require a new round of unconventional monetary policy that will surely guarantee a future case study.
Volume (Year): 1 (2011)
Issue (Month): 61-62 (January - June)
|Contact details of provider:|| Postal: |
Phone: (54-11) 4348-3582
Fax: (54-11) 4000-1257
Web page: http://www.bcra.gov.ar
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Masahiko Tsutsumi & Randall S. Jones & Thomas F. Cargill, 2010. "The Korean Financial System: Overcoming the Global Financial Crisis and Addressing Remaining Problems," OECD Economics Department Working Papers 796, OECD Publishing.
- Asani Sarkar & Jeffrey Shrader, 2010.
"Financial amplification mechanisms and the Federal Reserve’s supply of liquidity during the crisis,"
Economic Policy Review,
Federal Reserve Bank of New York, issue Aug, pages 55-74.
- Asani Sarkar & Jeffrey Shrader, 2010. "Financial amplification mechanisms and the Federal Reserve's supply of liquidity during the crisis," Staff Reports 431, Federal Reserve Bank of New York.
- Linda S. Goldberg & Craig Kennedy & Jason Miu, 2010.
"Central Bank Dollar Swap Lines and Overseas Dollar Funding Costs,"
NBER Working Papers
15763, National Bureau of Economic Research, Inc.
- Linda S. Goldberg & Craig Kennedy & Jason Miu, 2011. "Central bank dollar swap lines and overseas dollar funding costs," Economic Policy Review, Federal Reserve Bank of New York, issue May, pages 3-20.
- Linda S. Goldberg & Craig Kennedy & Jason Miu, 2010. "Central bank dollar swap lines and overseas dollar funding costs," Staff Reports 429, Federal Reserve Bank of New York.
- Frederic S. Mishkin, 2011.
"Monetary Policy Strategy: Lessons from the Crisis,"
NBER Working Papers
16755, National Bureau of Economic Research, Inc.
- Frederic S. Mishkin, 2009.
"Is Monetary Policy Effective During Financial Crises?,"
NBER Working Papers
14678, National Bureau of Economic Research, Inc.
- Frederic S. Mishkin, 2009. "Is Monetary Policy Effective during Financial Crises?," American Economic Review, American Economic Association, vol. 99(2), pages 573-77, May.
- Gauti B. Eggertsson & Michael Woodford, 2003. "The Zero Bound on Interest Rates and Optimal Monetary Policy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(1), pages 139-235.
- James McAndrews & Asani Sarkar & Zhenyu Wang, 2008. "The effect of the Term Auction Facility on the London Inter-Bank Offered Rate," Staff Reports 335, Federal Reserve Bank of New York.
- Aït-Sahalia, Yacine & Andritzky, Jochen & Jobst, Andreas & Nowak, Sylwia & Tamirisa, Natalia, 2012.
"Market response to policy initiatives during the global financial crisis,"
Journal of International Economics,
Elsevier, vol. 87(1), pages 162-177.
- Yacine Aït-Sahalia & Jochen Andritzky & Andreas Jobst & Sylwia Nowak & Natalia Tamirisa, 2010. "Market Response to Policy Initiatives during the Global Financial Crisis," NBER Working Papers 15809, National Bureau of Economic Research, Inc.
- Ben S. Bernanke & Vincent R. Reinhart & Brian P. Sack, 2004.
"Monetary policy alternatives at the zero bound: an empirical assessment,"
Finance and Economics Discussion Series
2004-48, Board of Governors of the Federal Reserve System (U.S.).
- Ben S. Bernanke & Vincent R. Reinhart & Brian P. Sack, 2004. "Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 35(2), pages 1-100.
- Baba, Naohiko & Packer, Frank, 2009. "From turmoil to crisis: Dislocations in the FX swap market before and after the failure of Lehman Brothers," Journal of International Money and Finance, Elsevier, vol. 28(8), pages 1350-1374, December.
- Naohiko Baba & Frank Packer, 2009. "From turmoil to crisis: dislocations in the FX swap market before and after the failure of Lehman Brothers," BIS Working Papers 285, Bank for International Settlements.
When requesting a correction, please mention this item's handle: RePEc:bcr:ensayo:v:1:y:2011:i:61-62:p:189-249. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Federico Grillo)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.