The Effectiveness of Monetary Policy since the Onset of the Financial Crisis:
In the wake of the Great Recession, a massive monetary policy stimulus was provided in the main OECD economies. It helped to stabilise financial markets and avoid deflation. Nonetheless, GDP growth has been sluggish and in some countries lower than expected given the measures taken, and estimated ec...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Weitere Verfasser: | , , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2013
|
| Schriftenreihe: | OECD Economics Department Working Papers
|
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | In the wake of the Great Recession, a massive monetary policy stimulus was provided in the main OECD economies. It helped to stabilise financial markets and avoid deflation. Nonetheless, GDP growth has been sluggish and in some countries lower than expected given the measures taken, and estimated economic slack remains large. In this context, this paper assesses the effectiveness of monetary policy in recent years. It finds that notwithstanding an almost full transmission of policy interest rate cuts and unconventional policy measures to higher asset prices and lower cost of credit in and outside the banking sector in most countries, with the exception of vulnerable euro area economies, monetary policy stimulus did not show up in stronger growth due to a combination of three factors. First, lower policy interest rates may not have provided as much stimulus as expected given the evidence of a decrease in natural interest rates, resulting from the estimated decline in potential GDP growth in the wake of the crisis. Second, balance sheet adjustments of non-financial companies and households, large uncertainty as well as simultaneous and considerable fiscal consolidation in many OECD countries constituted important headwinds. Third, the bank lending channel of monetary policy transmission appears to have been impaired, mainly due to considerable balance sheet adjustments and prevailing uncertainty, which together limited banks' capacity and willingness to supply credit. The paper also stresses that the monetary accommodation risks having unintended negative consequences which are likely to increase with its duration |
| Beschreibung: | 1 Online-Ressource (83 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5k41zq9brrbr-en |
Internformat
MARC
| LEADER | 00000nam a2200000zc 4500 | ||
|---|---|---|---|
| 001 | BV047932824 | ||
| 003 | DE-604 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 220413s2013 xx o|||| 00||| eng d | ||
| 024 | 7 | |a 10.1787/5k41zq9brrbr-en |2 doi | |
| 035 | |a (ZDB-13-SOC)061302147 | ||
| 035 | |a (OCoLC)1312691983 | ||
| 035 | |a (DE-599)BVBBV047932824 | ||
| 040 | |a DE-604 |b ger |e aacr | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-384 |a DE-91 |a DE-473 |a DE-824 |a DE-29 |a DE-739 |a DE-355 |a DE-20 |a DE-1028 |a DE-1049 |a DE-188 |a DE-521 |a DE-861 |a DE-898 |a DE-92 |a DE-573 |a DE-19 | ||
| 100 | 1 | |a Bouis, Romain |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a The Effectiveness of Monetary Policy since the Onset of the Financial Crisis |c Romain Bouis ... [et al] = L'efficacité de la politique monétaire depuis le début de la crise financière / Romain Bouis ... [et al] |
| 246 | 1 | 3 | |a L'efficacité de la politique monétaire depuis le début de la crise financière |
| 264 | 1 | |a Paris |b OECD Publishing |c 2013 | |
| 300 | |a 1 Online-Ressource (83 Seiten) |c 21 x 29.7cm | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 490 | 0 | |a OECD Economics Department Working Papers | |
| 520 | |a In the wake of the Great Recession, a massive monetary policy stimulus was provided in the main OECD economies. It helped to stabilise financial markets and avoid deflation. Nonetheless, GDP growth has been sluggish and in some countries lower than expected given the measures taken, and estimated economic slack remains large. In this context, this paper assesses the effectiveness of monetary policy in recent years. It finds that notwithstanding an almost full transmission of policy interest rate cuts and unconventional policy measures to higher asset prices and lower cost of credit in and outside the banking sector in most countries, with the exception of vulnerable euro area economies, monetary policy stimulus did not show up in stronger growth due to a combination of three factors. First, lower policy interest rates may not have provided as much stimulus as expected given the evidence of a decrease in natural interest rates, resulting from the estimated decline in potential GDP growth in the wake of the crisis. Second, balance sheet adjustments of non-financial companies and households, large uncertainty as well as simultaneous and considerable fiscal consolidation in many OECD countries constituted important headwinds. Third, the bank lending channel of monetary policy transmission appears to have been impaired, mainly due to considerable balance sheet adjustments and prevailing uncertainty, which together limited banks' capacity and willingness to supply credit. The paper also stresses that the monetary accommodation risks having unintended negative consequences which are likely to increase with its duration | ||
| 650 | 4 | |a Finance and Investment | |
| 650 | 4 | |a Economics | |
| 700 | 1 | |a Rawdanowicz, Łukasz |4 ctb | |
| 700 | 1 | |a Renne, Jean-Paul |4 ctb | |
| 700 | 1 | |a Watanabe, Shingo |4 ctb | |
| 856 | 4 | 0 | |u https://doi.org/10.1787/5k41zq9brrbr-en |x Verlag |z kostenfrei |3 Volltext |
| 912 | |a ZDB-13-SOC | ||
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-033314318 | |
Datensatz im Suchindex
| _version_ | 1818806028753436672 |
|---|---|
| adam_text | |
| adam_txt | |
| any_adam_object | |
| any_adam_object_boolean | |
| author | Bouis, Romain |
| author2 | Rawdanowicz, Łukasz Renne, Jean-Paul Watanabe, Shingo |
| author2_role | ctb ctb ctb |
| author2_variant | ł r łr j p r jpr s w sw |
| author_facet | Bouis, Romain Rawdanowicz, Łukasz Renne, Jean-Paul Watanabe, Shingo |
| author_role | aut |
| author_sort | Bouis, Romain |
| author_variant | r b rb |
| building | Verbundindex |
| bvnumber | BV047932824 |
| collection | ZDB-13-SOC |
| ctrlnum | (ZDB-13-SOC)061302147 (OCoLC)1312691983 (DE-599)BVBBV047932824 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| doi_str_mv | 10.1787/5k41zq9brrbr-en |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>00000nam a2200000zc 4500</leader><controlfield tag="001">BV047932824</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">220413s2013 xx o|||| 00||| eng d</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1787/5k41zq9brrbr-en</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-13-SOC)061302147</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1312691983</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV047932824</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">aacr</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-384</subfield><subfield code="a">DE-91</subfield><subfield code="a">DE-473</subfield><subfield code="a">DE-824</subfield><subfield code="a">DE-29</subfield><subfield code="a">DE-739</subfield><subfield code="a">DE-355</subfield><subfield code="a">DE-20</subfield><subfield code="a">DE-1028</subfield><subfield code="a">DE-1049</subfield><subfield code="a">DE-188</subfield><subfield code="a">DE-521</subfield><subfield code="a">DE-861</subfield><subfield code="a">DE-898</subfield><subfield code="a">DE-92</subfield><subfield code="a">DE-573</subfield><subfield code="a">DE-19</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Bouis, Romain</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">The Effectiveness of Monetary Policy since the Onset of the Financial Crisis</subfield><subfield code="c">Romain Bouis ... [et al] = L'efficacité de la politique monétaire depuis le début de la crise financière / Romain Bouis ... [et al]</subfield></datafield><datafield tag="246" ind1="1" ind2="3"><subfield code="a">L'efficacité de la politique monétaire depuis le début de la crise financière</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Paris</subfield><subfield code="b">OECD Publishing</subfield><subfield code="c">2013</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (83 Seiten)</subfield><subfield code="c">21 x 29.7cm</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">OECD Economics Department Working Papers</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">In the wake of the Great Recession, a massive monetary policy stimulus was provided in the main OECD economies. It helped to stabilise financial markets and avoid deflation. Nonetheless, GDP growth has been sluggish and in some countries lower than expected given the measures taken, and estimated economic slack remains large. In this context, this paper assesses the effectiveness of monetary policy in recent years. It finds that notwithstanding an almost full transmission of policy interest rate cuts and unconventional policy measures to higher asset prices and lower cost of credit in and outside the banking sector in most countries, with the exception of vulnerable euro area economies, monetary policy stimulus did not show up in stronger growth due to a combination of three factors. First, lower policy interest rates may not have provided as much stimulus as expected given the evidence of a decrease in natural interest rates, resulting from the estimated decline in potential GDP growth in the wake of the crisis. Second, balance sheet adjustments of non-financial companies and households, large uncertainty as well as simultaneous and considerable fiscal consolidation in many OECD countries constituted important headwinds. Third, the bank lending channel of monetary policy transmission appears to have been impaired, mainly due to considerable balance sheet adjustments and prevailing uncertainty, which together limited banks' capacity and willingness to supply credit. The paper also stresses that the monetary accommodation risks having unintended negative consequences which are likely to increase with its duration</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Finance and Investment</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Economics</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Rawdanowicz, Łukasz</subfield><subfield code="4">ctb</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Renne, Jean-Paul</subfield><subfield code="4">ctb</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Watanabe, Shingo</subfield><subfield code="4">ctb</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">https://doi.org/10.1787/5k41zq9brrbr-en</subfield><subfield code="x">Verlag</subfield><subfield code="z">kostenfrei</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="943" ind1="1" ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-033314318</subfield></datafield></record></collection> |
| id | DE-604.BV047932824 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T19:34:59Z |
| indexdate | 2024-12-18T19:03:16Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033314318 |
| oclc_num | 1312691983 |
| open_access_boolean | 1 |
| owner | DE-384 DE-91 DE-BY-TUM DE-473 DE-BY-UBG DE-824 DE-29 DE-739 DE-355 DE-BY-UBR DE-20 DE-1028 DE-1049 DE-188 DE-521 DE-861 DE-898 DE-BY-UBR DE-92 DE-573 DE-19 DE-BY-UBM |
| owner_facet | DE-384 DE-91 DE-BY-TUM DE-473 DE-BY-UBG DE-824 DE-29 DE-739 DE-355 DE-BY-UBR DE-20 DE-1028 DE-1049 DE-188 DE-521 DE-861 DE-898 DE-BY-UBR DE-92 DE-573 DE-19 DE-BY-UBM |
| physical | 1 Online-Ressource (83 Seiten) 21 x 29.7cm |
| psigel | ZDB-13-SOC |
| publishDate | 2013 |
| publishDateSearch | 2013 |
| publishDateSort | 2013 |
| publisher | OECD Publishing |
| record_format | marc |
| series2 | OECD Economics Department Working Papers |
| spelling | Bouis, Romain Verfasser aut The Effectiveness of Monetary Policy since the Onset of the Financial Crisis Romain Bouis ... [et al] = L'efficacité de la politique monétaire depuis le début de la crise financière / Romain Bouis ... [et al] L'efficacité de la politique monétaire depuis le début de la crise financière Paris OECD Publishing 2013 1 Online-Ressource (83 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers In the wake of the Great Recession, a massive monetary policy stimulus was provided in the main OECD economies. It helped to stabilise financial markets and avoid deflation. Nonetheless, GDP growth has been sluggish and in some countries lower than expected given the measures taken, and estimated economic slack remains large. In this context, this paper assesses the effectiveness of monetary policy in recent years. It finds that notwithstanding an almost full transmission of policy interest rate cuts and unconventional policy measures to higher asset prices and lower cost of credit in and outside the banking sector in most countries, with the exception of vulnerable euro area economies, monetary policy stimulus did not show up in stronger growth due to a combination of three factors. First, lower policy interest rates may not have provided as much stimulus as expected given the evidence of a decrease in natural interest rates, resulting from the estimated decline in potential GDP growth in the wake of the crisis. Second, balance sheet adjustments of non-financial companies and households, large uncertainty as well as simultaneous and considerable fiscal consolidation in many OECD countries constituted important headwinds. Third, the bank lending channel of monetary policy transmission appears to have been impaired, mainly due to considerable balance sheet adjustments and prevailing uncertainty, which together limited banks' capacity and willingness to supply credit. The paper also stresses that the monetary accommodation risks having unintended negative consequences which are likely to increase with its duration Finance and Investment Economics Rawdanowicz, Łukasz ctb Renne, Jean-Paul ctb Watanabe, Shingo ctb https://doi.org/10.1787/5k41zq9brrbr-en Verlag kostenfrei Volltext |
| spellingShingle | Bouis, Romain The Effectiveness of Monetary Policy since the Onset of the Financial Crisis Finance and Investment Economics |
| title | The Effectiveness of Monetary Policy since the Onset of the Financial Crisis |
| title_alt | L'efficacité de la politique monétaire depuis le début de la crise financière |
| title_auth | The Effectiveness of Monetary Policy since the Onset of the Financial Crisis |
| title_exact_search | The Effectiveness of Monetary Policy since the Onset of the Financial Crisis |
| title_exact_search_txtP | The Effectiveness of Monetary Policy since the Onset of the Financial Crisis |
| title_full | The Effectiveness of Monetary Policy since the Onset of the Financial Crisis Romain Bouis ... [et al] = L'efficacité de la politique monétaire depuis le début de la crise financière / Romain Bouis ... [et al] |
| title_fullStr | The Effectiveness of Monetary Policy since the Onset of the Financial Crisis Romain Bouis ... [et al] = L'efficacité de la politique monétaire depuis le début de la crise financière / Romain Bouis ... [et al] |
| title_full_unstemmed | The Effectiveness of Monetary Policy since the Onset of the Financial Crisis Romain Bouis ... [et al] = L'efficacité de la politique monétaire depuis le début de la crise financière / Romain Bouis ... [et al] |
| title_short | The Effectiveness of Monetary Policy since the Onset of the Financial Crisis |
| title_sort | the effectiveness of monetary policy since the onset of the financial crisis |
| topic | Finance and Investment Economics |
| topic_facet | Finance and Investment Economics |
| url | https://doi.org/10.1787/5k41zq9brrbr-en |
| work_keys_str_mv | AT bouisromain theeffectivenessofmonetarypolicysincetheonsetofthefinancialcrisis AT rawdanowiczłukasz theeffectivenessofmonetarypolicysincetheonsetofthefinancialcrisis AT rennejeanpaul theeffectivenessofmonetarypolicysincetheonsetofthefinancialcrisis AT watanabeshingo theeffectivenessofmonetarypolicysincetheonsetofthefinancialcrisis AT bouisromain lefficacitedelapolitiquemonetairedepuisledebutdelacrisefinanciere AT rawdanowiczłukasz lefficacitedelapolitiquemonetairedepuisledebutdelacrisefinanciere AT rennejeanpaul lefficacitedelapolitiquemonetairedepuisledebutdelacrisefinanciere AT watanabeshingo lefficacitedelapolitiquemonetairedepuisledebutdelacrisefinanciere |