Unconventional monetary policy: the assessment

Christopher Bowdler · Amar Radia

75 citations0/0 files storedOxford Review of Economic Policy

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

Abstract

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.

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References

1958The Cost of Capital, Corporation Finance and the Theory of Investment 1969A General Equilibrium Approach To Monetary Theory 1873Lombard Street: A Description of the Money Market 1998It's Baaack: Japan's Slump and the Return of the Liquidity Trap 2003The Zero Bound on Interest Rates and Optimal Monetary Policy 2009A Preferred-Habitat Model of the Term Structure of Interest Rates 2005A HISTORY OF THE FEDERAL RESERVE 2012Methods of Policy Accommodation at the Interest-Rate Lower Bound

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2023ECB unconventional monetary policy and SME access to finance 2019Complexity of ECB Communication and Financial Market Trading 2015The Euro's Savior? Assessing the ECB's Crisis Management Performance and Potential for Crisis Resolution 2016Unconventional monetary policy and aggregate bank lending: Does financial structure matter?2018What does unconventional monetary policy do to stock markets in the euro area?2019

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