Unconventional Monetary Policy: The International Experience with Central Bank Asset Purchases

Sharon Kozicki · Eric Santor · Lena Suchanek

36 citations0/0 files storedRePEc: Research Papers in Economics

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Monetary Policy and Economic Impact Economic theories and models European Monetary and Fiscal Policies

Abstract

As part of their policy response to the financial crisis of 2007-09, central banks introduced numerous unprecedented monetary policy measures to provide monetary easing. This article defines and documents these measures, focusing on central bank asset purchases and their impact on central bank balance sheets. It then discusses the challenges of identifying the effects of these measures and explores possible exit strategies. The potential costs of these policies are also analyzed, as well as the broader implications for monetary policy frameworks.

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References

2011Let’s Twist Again: A High-Frequency Event-Study Analysis of Operation Twist and Its Implications for QE2 2011Large-Scale Asset Purchases by the Federal Reserve: Did They Work?2010The Financial Market Impact of Quantitative Easing 2012Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events?2010Conventional and Unconventional Monetary Policy 2010Flow and Stock Effects of Large-Scale Treasury Purchases 2010Unconventional Monetary Policy Had Large International Effects 2011The Impact of the Eurosystem's Covered Bond Purchase Programme on the Primary and Secondary Markets

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