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Monetary Policy of Main Central Banks During the 2007-2011 Crisis

  • Nerina Reyna

    ()

    (Central Bank of Argentina)

  • Carlos F. Suárez Dóriga

    ()

    (Central Bank of Argentina)

  • Matías Vicens

    ()

    (Central Bank of Argentina)

Registered author(s):

    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.

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    File URL: http://www.bcra.gov.ar/pdfs/investigaciones/61_62_Reyna.pdf
    File Function: Spanish version (versión en Español)
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    Article provided by Central Bank of Argentina, Economic Research Department in its journal Ensayos Económicos.

    Volume (Year): 1 (2011)
    Issue (Month): 61-62 (January - June)
    Pages: 189-249

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    Handle: RePEc:bcr:ensayo:v:1:y:2011:i:61-62:p:189-249
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    1. 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.
    2. 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.
    3. 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.
    4. 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.).
    5. 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.
    6. Frederic S. Mishkin, 2009. "Is Monetary Policy Effective during Financial Crises?," American Economic Review, American Economic Association, vol. 99(2), pages 573-77, May.
    7. Frederic S. Mishkin, 2011. "Monetary Policy Strategy: Lessons from the Crisis," NBER Working Papers 16755, National Bureau of Economic Research, Inc.
    8. 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.
    9. 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.
    10. 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.
    11. 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.
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