Monetary Policy Responses to the Crisis and Exit Strategies:
Central banks have responded with exceptional vigour to the crisis by using their traditional interest-rate tools to their limits and deploying a wide range of unconventional measures. This paper documents these responses in a systematic way, reviews the evidence about their impact, and discusses th...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2010
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Central banks have responded with exceptional vigour to the crisis by using their traditional interest-rate tools to their limits and deploying a wide range of unconventional measures. This paper documents these responses in a systematic way, reviews the evidence about their impact, and discusses the need to exit from these measures. Unconventional monetary policy measures appear to have been broadly successful in terms of improving conditions in financial markets and stabilising the real economy. In line with the improvement in functioning of financial markets, however, these unconventional measures should be gradually removed. Given the considerable changes in the size and composition of central banks' balance sheets, the exit will likely involve the combination of various tools. More challenging questions surround the decisions of when and how fast the current exceptional amount of stimulus should be reduced and then eliminated. A particularly important goal will be to preserve the hard-won anchoring of inflation expectations and dissipate any hypothetical fears that central banks? greater risk exposure and purchases of bonds issued or backed by governments might have reduced their independence regarding monetary policy decisions |
| Beschreibung: | 1 Online-Ressource (49 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5kml6xm7qgs6-en |
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| spelling | Minegishi, Makoto Verfasser aut Monetary Policy Responses to the Crisis and Exit Strategies Makoto Minegishi and Boris Cournède = Réponses de la politique monétaire à la crise et stratégies de sortie / Makoto Minegishi et Boris Cournède Réponses de la politique monétaire à la crise et stratégies de sortie Paris OECD Publishing 2010 1 Online-Ressource (49 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers Central banks have responded with exceptional vigour to the crisis by using their traditional interest-rate tools to their limits and deploying a wide range of unconventional measures. This paper documents these responses in a systematic way, reviews the evidence about their impact, and discusses the need to exit from these measures. Unconventional monetary policy measures appear to have been broadly successful in terms of improving conditions in financial markets and stabilising the real economy. In line with the improvement in functioning of financial markets, however, these unconventional measures should be gradually removed. Given the considerable changes in the size and composition of central banks' balance sheets, the exit will likely involve the combination of various tools. More challenging questions surround the decisions of when and how fast the current exceptional amount of stimulus should be reduced and then eliminated. A particularly important goal will be to preserve the hard-won anchoring of inflation expectations and dissipate any hypothetical fears that central banks? greater risk exposure and purchases of bonds issued or backed by governments might have reduced their independence regarding monetary policy decisions Economics Cournède, Boris ctb https://doi.org/10.1787/5kml6xm7qgs6-en Verlag kostenfrei Volltext |
| spellingShingle | Minegishi, Makoto Monetary Policy Responses to the Crisis and Exit Strategies Economics |
| title | Monetary Policy Responses to the Crisis and Exit Strategies |
| title_alt | Réponses de la politique monétaire à la crise et stratégies de sortie |
| title_auth | Monetary Policy Responses to the Crisis and Exit Strategies |
| title_exact_search | Monetary Policy Responses to the Crisis and Exit Strategies |
| title_exact_search_txtP | Monetary Policy Responses to the Crisis and Exit Strategies |
| title_full | Monetary Policy Responses to the Crisis and Exit Strategies Makoto Minegishi and Boris Cournède = Réponses de la politique monétaire à la crise et stratégies de sortie / Makoto Minegishi et Boris Cournède |
| title_fullStr | Monetary Policy Responses to the Crisis and Exit Strategies Makoto Minegishi and Boris Cournède = Réponses de la politique monétaire à la crise et stratégies de sortie / Makoto Minegishi et Boris Cournède |
| title_full_unstemmed | Monetary Policy Responses to the Crisis and Exit Strategies Makoto Minegishi and Boris Cournède = Réponses de la politique monétaire à la crise et stratégies de sortie / Makoto Minegishi et Boris Cournède |
| title_short | Monetary Policy Responses to the Crisis and Exit Strategies |
| title_sort | monetary policy responses to the crisis and exit strategies |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/5kml6xm7qgs6-en |
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