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Unconventional monetary policy tools: a cross-country analysis

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  • Bank for International Settlements

Abstract

In response to the unprecendented challenges brought about by the Great Financial Crisis and its aftermath, central banks departed from their established approach to the conduct of monetary policy and implemented a number of unconventional monetary policy tools (UMPTs). After a decade of experience with UMPTs the report takes stock of central banks' experience and draws some lessons for the future. The report focuses on four sets of tools: negative interest rate policies, new central bank lending operations, asset purchase programmes, and forward guidance. It offers a summary of central banks' shared understanding of the efficacy of these tools across countries, as well as the way that they were sequenced and coordinated. The report concludes that, on balance, UMPTs helped the central banks that used them address the circumstances presented by the crisis and the ensuing economic downturn. It identifies side effects, such as dis-incentives to private sector deleveraging and spillovers to other countries, but does not consider them sufficiently strong to reverse the benefits of UMPTs. The report also discusses whether, and under what circumstances, these tools could be useful in the future. Central banks report that the tools have earned a place in the monetary policy toolbox, but they also highlight that their use should be accompanied by measures that mitigate their potential side-effects. They also highlight that under the circumstances when the tools can be helpful, they need to be used in decisively but in a context that includes a wider set of policies as to avoid overburdening the central bank.

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  • Bank for International Settlements, 2019. "Unconventional monetary policy tools: a cross-country analysis," CGFS Papers, Bank for International Settlements, number 63.
  • Handle: RePEc:bis:biscgf:63
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    1. Markus Heckel & Kiyohiko G. Nishimura, 2022. "Unconventional Monetary Policy through Open Market Operations: A Principal Component Analysis," Asian Economic Papers, MIT Press, vol. 21(1), pages 1-28, Winter/Sp.
    2. Taneli Mäkinen & Fan Li & Andrea Mercatanti & Andrea Silvestrini, 2020. "Effects of eligibility for central bank purchases on corporate bond spreads," Temi di discussione (Economic working papers) 1300, Bank of Italy, Economic Research and International Relations Area.
    3. Maximilian Böck & Martin Feldkircher & Pierre L. Siklos, 2021. "International Effects of Euro Area Forward Guidance," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 83(5), pages 1066-1110, October.
    4. Jesper Lindé & Mr. Jiaqian Chen & Karl Walentin & Daria Finocchiaro, 2020. "The Costs of Macroprudential Deleveraging in a Liquidity Trap," IMF Working Papers 2020/089, International Monetary Fund.
    5. Ojo, Marianne & Roedl, Marianne, 2021. "Central Bank Independence and challenges during the global pandemic: balancing monetary and fiscal policy objectives," MPRA Paper 106266, University Library of Munich, Germany.
    6. Anna Samarina & Nikos Apokoritis, 2020. "Evolution of monetary policy frameworks in the post-crisis environment," DNB Working Papers 664, Netherlands Central Bank, Research Department.
    7. Galati, Gabriele & Moessner, Richhild, 2021. "Effects of Fed policy rate forecasts on real yields and inflation expectations at the zero lower bound," Economics Letters, Elsevier, vol. 198(C).
    8. Pami Dua, 2020. "Monetary policy framework in India," Indian Economic Review, Springer, vol. 55(1), pages 117-154, June.
    9. Monetary Policy Committee, Taskforce on Rate Forward Guidance and Reinvestment, 2022. "Rate forward guidance in an environment of large central bank balance sheets: a Eurosystem stock-taking assessment," Occasional Paper Series 290, European Central Bank.
    10. Anthony Brassil & Mike Major & Peter Rickards, 2022. "MARTIN Gets a Bank Account: Adding a Banking Sector to the RBA's Macroeconometric Model," RBA Research Discussion Papers rdp2022-01, Reserve Bank of Australia.

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