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Unconventional monetary policy: the assessment

  • Christopher Bowdler
  • Amar Radia

The unconventional monetary policy measures adopted by the major central banks in the period since 2008 are discussed in this paper. We highlight some important differences between quantitative easing and conventional monetary policy and then evaluate the mechanisms through which quantitative easing may propagate to financial markets and the real economy, drawing on perspectives from monetarist and New Keynesian theory. Additional measures, intended to supplement or strengthen the effects of pure quantitative easing, often termed unconventional unconventional monetary policy, are also assessed. In our discussion we relate the various articles in this issue to some of the key research questions posed in relation to unconventional monetary policy. Copyright 2012, Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/oxrep/grs037
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Article provided by Oxford University Press in its journal Oxford Review Of Economic Policy.

Volume (Year): 28 (2012)
Issue (Month): 4 (WINTER)
Pages: 603-621

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Handle: RePEc:oup:oxford:v:28:y:2012:i:4:p:603-621
Contact details of provider: Web page: http://oxrep.oupjournals.org/

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  1. Francis Breedon & Jagjit S Chadha & Alex Waters, 2012. "The financial market impact of UK quantitative easing," BIS Papers chapters, in: Bank for International Settlements (ed.), Threat of fiscal dominance?, volume 65, pages 277-304 Bank for International Settlements.
  2. Farmer, Roger E A, 2012. "The Effect of Conventional and Unconventional Monetary Policy Rules on Inflation Expectations: Theory and Evidence," CEPR Discussion Papers 8956, C.E.P.R. Discussion Papers.
  3. David Cobham, 2012. "The past, present, and future of central banking," Oxford Review of Economic Policy, Oxford University Press, vol. 28(4), pages 729-749, WINTER.
  4. Paul R. Krugman, 1998. "It's Baaack: Japan's Slump and the Return of the Liquidity Trap," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(2), pages 137-206.
  5. Cour-Thimann, Philippine & Winkler, Bernhard, 2013. "The ECB’s non-standard monetary policy measures: the role of institutional factors and financial structure," Working Paper Series 1528, European Central Bank.
  6. Christopher Martin & Costas Milas, 2012. "Quantitative easing: a sceptical survey," Oxford Review of Economic Policy, Oxford University Press, vol. 28(4), pages 750-764, WINTER.
  7. Dimitri Vayanos & Jean-Luc Vila, 2009. "A Preferred-Habitat Model of the Term Structure of Interest Rates," NBER Working Papers 15487, National Bureau of Economic Research, Inc.
  8. Michael A. S. Joyce & Nick McLaren & Chris Young, 2012. "Quantitative easing in the United Kingdom: evidence from financial markets on QE1 and QE2," Oxford Review of Economic Policy, Oxford University Press, vol. 28(4), pages 671-701, WINTER.
  9. Peter Sinclair & Colin Ellis, 2012. "Quantitative easing is not as unconventional as it seems," Oxford Review of Economic Policy, Oxford University Press, vol. 28(4), pages 837-854, WINTER.
  10. repec:ags:aaea07:383 is not listed on IDEAS
  11. repec:ucp:bkecon:9780226519999 is not listed on IDEAS
  12. Tim Congdon, 1992. "Reflections On Monetarism," Books, Edward Elgar Publishing, number 102.
  13. Robin Greenwood & Dimitri Vayanos, 2010. "Price pressure in the government bond market," LSE Research Online Documents on Economics 28618, London School of Economics and Political Science, LSE Library.
  14. Andrés, Javier & López-Salido, J David & Nelson, Edward, 2004. "Tobin's Imperfect Asset Substitution in Optimizing General Equilibrium," CEPR Discussion Papers 4336, C.E.P.R. Discussion Papers.
  15. repec:fip:fedgsq:y:2011:i:jan8 is not listed on IDEAS
  16. Goodfriend, Marvin, 2011. "Central banking in the credit turmoil: An assessment of Federal Reserve practice," Journal of Monetary Economics, Elsevier, vol. 58(1), pages 1-12, January.
  17. Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
  18. Joyce, Michael & Tong, Matthew & Woods, Robert, 2011. "The United Kingdom’s quantitative easing policy: design, operation and impact," Bank of England Quarterly Bulletin, Bank of England, vol. 51(3), pages 200-212.
  19. Bridges, Jonathan & Thomas, Ryland, 2012. "The impact of QE on the UK economy – some supportive monetarist arithmetic," Bank of England working papers 442, Bank of England.
  20. Charles A. E. Goodhart & Jonathan P. Ashworth, 2012. "QE: a successful start may be running into diminishing returns," Oxford Review of Economic Policy, Oxford University Press, vol. 28(4), pages 640-670, WINTER.
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