The Effectiveness of Unconventional Monetary Policies
Monetary authorities throughout the world have been responding to the global financial crisis by cutting interest rates to historically low levels and by embarking on a series of unconventional monetary policies, including operations that change the size and composition of their balance sheets and actions that try to guide longer-term interest rate expectations. In this white paper, I review the most important unconventional monetary policies adopted by the Federal Reserve and the European Central Bank, how the transmission mechanism of such policies to the real economy differs from that of conventional interest rate changes, and the relevant macroeconomic consequences. I highlight the uncertain long-term effects of unconventional policies and concerns about potential undesired consequences of these policies.
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- Urszula Szczerbowicz, 2012.
"The ECB Unconventional Monetary Policies: Have They Lowered Market Borrowing Costs for Banks and Governments?,"
2012-36, CEPII research center.
- Urszula Szczerbowicz, 2015. "The ECB Unconventional Monetary Policies: Have They Lowered Market Borrowing Costs for Banks and Governments?," International Journal of Central Banking, International Journal of Central Banking, vol. 11(4), pages 91-127, December.
- SZCZERBOWICZ, Urszula, 2014. "The ECB's Unconventional Monetary Policies: Have they lowered market borrowing costs for banks and governments?," Discussion papers 14008, Research Institute of Economy, Trade and Industry (RIETI).
- Gert Peersman, 2012. "Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound," 2012 Meeting Papers 400, Society for Economic Dynamics.
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