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Recent Impact of the International Financial Crisis on the Implementation of Monetary Policy

Author

Listed:
  • Sofía Corallo

    () (Central Bank of Argentina)

  • Carlos Suárez Dóriga

    () (Central Bank of Argentina)

  • Matías Vicens

    () (Central Bank of Argentina)

Abstract

The international financial crisis that started in 2007 required the adoption of nontraditional monetary measures by most Central Banks. This paper analyses the recent impact of the crisis (September 2011- October 2012) in the implementation of monetary policy after the worsening of the global situation. Moreover, it endeavors to show with different examples that besides price stability, many central banks attempt to influence other economic variables, such as economic growth and the level of the exchange rate. Additionally, this paper analyses different special funding facilities that prioritizes direct credit stimulus pursuing economic support, playing down the neutrality of the central bank’s policies. This kind of facilities might be implemented by other central banks in the medium term.

Suggested Citation

  • Sofía Corallo & Carlos Suárez Dóriga & Matías Vicens, 2012. "Recent Impact of the International Financial Crisis on the Implementation of Monetary Policy," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(65-66), pages 129-171, September.
  • Handle: RePEc:bcr:ensayo:v:1:y:2012:i:65-66:p:129-171
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    File URL: http://www.bcra.gov.ar/pdfs/investigaciones/65-66_Corallo.pdf
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    More about this item

    Keywords

    Bank of England; Bank of Japan; central banks; European Central Bank; Federal Reserve; international financial crisis; lending facilities; monetary policy; spillovers; unconventional measures;

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other
    • F01 - International Economics - - General - - - Global Outlook

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