Unconventional Monetary Policies: Evolving Practices, Their Effects and Potential Costs

Eric Santor · Lena Suchanek

34 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

Following the recent financial crisis, major central banks have introduced several types of unconventional monetary policy measures, including liquidity and credit facilities, asset purchases and forward guidance. To date, these measures appear to have been successful. They restored market functioning, facilitated the transmission of monetary policy and supported economic activity. They have potential costs, however, including challenges related to the greatly expanded balance sheets of central banks and the eventual exit from these measures, as well as the vulnerabilities that can arise from prolonged monetary accommodation.

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References

2012Capital flow waves: Surges, stops, flight, and retrenchment 2011The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy 2012The Financial Market Effects of the Federal Reserve's Large-Scale Asset Purchases 2012The Macroeconomic Effects of Large‐scale Asset Purchase Programmes 2012The Financial Market Impact of Quantitative Easing in the United Kingdom 2012The Federal Reserve's Large‐scale Asset Purchase Programmes: Rationale and Effects 2012Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events?2012Central bank announcements of asset purchases and the impact on global financial and commodity markets

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2021The International Experience with Negative Policy Rates 2014The Impact of Unconventional Monetary Policy on the Italian Economy During the Sovereign Debt Crisis 2021Central Bank Communications Before, During and After the Crisis: From Open-Market Operations to Open-Mouth Policy

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