The Conduct of Monetary Policy in the Future: Instrument Use
The set of monetary policy instruments has expanded since the start of the global financial crisis in the many OECD economies. Against this background, this paper analyses whether some of the new instruments should be retained in the long term when broader financial stability objectives are likely t...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Weitere Verfasser: | , , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2015
|
| Schriftenreihe: | OECD Economics Department Working Papers
|
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | The set of monetary policy instruments has expanded since the start of the global financial crisis in the many OECD economies. Against this background, this paper analyses whether some of the new instruments should be retained in the long term when broader financial stability objectives are likely to feature more prominently as monetary policy goals than prior to the crisis. It also assesses if these new instruments should be used during the transition to this situation and when countries are stuck in persistent stagnation. In the post recovery situation, central banks could ultimately revert to targeting short-term market rates with small balance sheets. This might, however, require changes to monetary policy implementation due to new liquidity requirements. The transition to this situation will be lengthy and will require a mixture of liquidity draining instruments. Alternatively, they could adopt a floor system, which may benefit financial stability. The use of unconventional measures as a substitute for policy rate cuts will no longer be needed unless countries remain in persistent stagnation. Nevertheless, in the post-recovery normal, extended collateral and counterparty eligibility could be sustained, and currency swap lines among central banks could be expanded |
| Beschreibung: | 1 Online-Ressource (48 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5js4w293c46j-en |
Internformat
MARC
| LEADER | 00000nam a2200000zc 4500 | ||
|---|---|---|---|
| 001 | BV047935710 | ||
| 003 | DE-604 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 220413s2015 xx o|||| 00||| eng d | ||
| 024 | 7 | |a 10.1787/5js4w293c46j-en |2 doi | |
| 035 | |a (ZDB-13-SOC)06126329X | ||
| 035 | |a (OCoLC)1312689164 | ||
| 035 | |a (DE-599)BVBBV047935710 | ||
| 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 Inaba, Kei-Ichiro |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a The Conduct of Monetary Policy in the Future |b Instrument Use |c Kei-Ichiro Inaba ... [et al] = La conduite de la politique monétaire à l'avenir : L'utilisation d'instruments / Kei-Ichiro Inaba ... [et al] |
| 246 | 1 | 3 | |a La conduite de la politique monétaire à l'avenir |
| 264 | 1 | |a Paris |b OECD Publishing |c 2015 | |
| 300 | |a 1 Online-Ressource (48 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 The set of monetary policy instruments has expanded since the start of the global financial crisis in the many OECD economies. Against this background, this paper analyses whether some of the new instruments should be retained in the long term when broader financial stability objectives are likely to feature more prominently as monetary policy goals than prior to the crisis. It also assesses if these new instruments should be used during the transition to this situation and when countries are stuck in persistent stagnation. In the post recovery situation, central banks could ultimately revert to targeting short-term market rates with small balance sheets. This might, however, require changes to monetary policy implementation due to new liquidity requirements. The transition to this situation will be lengthy and will require a mixture of liquidity draining instruments. Alternatively, they could adopt a floor system, which may benefit financial stability. The use of unconventional measures as a substitute for policy rate cuts will no longer be needed unless countries remain in persistent stagnation. Nevertheless, in the post-recovery normal, extended collateral and counterparty eligibility could be sustained, and currency swap lines among central banks could be expanded | ||
| 650 | 4 | |a Economics | |
| 700 | 1 | |a O'Farrell, Rory |4 ctb | |
| 700 | 1 | |a Rawdanowicz, Łukasz |4 ctb | |
| 700 | 1 | |a Christensen, Ane Kathrine |4 ctb | |
| 856 | 4 | 0 | |u https://doi.org/10.1787/5js4w293c46j-en |x Verlag |z kostenfrei |3 Volltext |
| 912 | |a ZDB-13-SOC | ||
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-033317203 | |
Datensatz im Suchindex
| _version_ | 1818806083514269696 |
|---|---|
| adam_text | |
| adam_txt | |
| any_adam_object | |
| any_adam_object_boolean | |
| author | Inaba, Kei-Ichiro |
| author2 | O'Farrell, Rory Rawdanowicz, Łukasz Christensen, Ane Kathrine |
| author2_role | ctb ctb ctb |
| author2_variant | r o ro ł r łr a k c ak akc |
| author_facet | Inaba, Kei-Ichiro O'Farrell, Rory Rawdanowicz, Łukasz Christensen, Ane Kathrine |
| author_role | aut |
| author_sort | Inaba, Kei-Ichiro |
| author_variant | k i i kii |
| building | Verbundindex |
| bvnumber | BV047935710 |
| collection | ZDB-13-SOC |
| ctrlnum | (ZDB-13-SOC)06126329X (OCoLC)1312689164 (DE-599)BVBBV047935710 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| doi_str_mv | 10.1787/5js4w293c46j-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">BV047935710</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">220413s2015 xx o|||| 00||| eng d</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1787/5js4w293c46j-en</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-13-SOC)06126329X</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1312689164</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV047935710</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">Inaba, Kei-Ichiro</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">The Conduct of Monetary Policy in the Future</subfield><subfield code="b">Instrument Use</subfield><subfield code="c">Kei-Ichiro Inaba ... [et al] = La conduite de la politique monétaire à l'avenir : L'utilisation d'instruments / Kei-Ichiro Inaba ... [et al]</subfield></datafield><datafield tag="246" ind1="1" ind2="3"><subfield code="a">La conduite de la politique monétaire à l'avenir</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Paris</subfield><subfield code="b">OECD Publishing</subfield><subfield code="c">2015</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (48 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">The set of monetary policy instruments has expanded since the start of the global financial crisis in the many OECD economies. Against this background, this paper analyses whether some of the new instruments should be retained in the long term when broader financial stability objectives are likely to feature more prominently as monetary policy goals than prior to the crisis. It also assesses if these new instruments should be used during the transition to this situation and when countries are stuck in persistent stagnation. In the post recovery situation, central banks could ultimately revert to targeting short-term market rates with small balance sheets. This might, however, require changes to monetary policy implementation due to new liquidity requirements. The transition to this situation will be lengthy and will require a mixture of liquidity draining instruments. Alternatively, they could adopt a floor system, which may benefit financial stability. The use of unconventional measures as a substitute for policy rate cuts will no longer be needed unless countries remain in persistent stagnation. Nevertheless, in the post-recovery normal, extended collateral and counterparty eligibility could be sustained, and currency swap lines among central banks could be expanded</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Economics</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">O'Farrell, Rory</subfield><subfield code="4">ctb</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">Christensen, Ane Kathrine</subfield><subfield code="4">ctb</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">https://doi.org/10.1787/5js4w293c46j-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:BVB01-033317203</subfield></datafield></record></collection> |
| id | DE-604.BV047935710 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T19:35:04Z |
| indexdate | 2024-12-18T19:04:08Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033317203 |
| oclc_num | 1312689164 |
| 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 (48 Seiten) 21 x 29.7cm |
| psigel | ZDB-13-SOC |
| publishDate | 2015 |
| publishDateSearch | 2015 |
| publishDateSort | 2015 |
| publisher | OECD Publishing |
| record_format | marc |
| series2 | OECD Economics Department Working Papers |
| spelling | Inaba, Kei-Ichiro Verfasser aut The Conduct of Monetary Policy in the Future Instrument Use Kei-Ichiro Inaba ... [et al] = La conduite de la politique monétaire à l'avenir : L'utilisation d'instruments / Kei-Ichiro Inaba ... [et al] La conduite de la politique monétaire à l'avenir Paris OECD Publishing 2015 1 Online-Ressource (48 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers The set of monetary policy instruments has expanded since the start of the global financial crisis in the many OECD economies. Against this background, this paper analyses whether some of the new instruments should be retained in the long term when broader financial stability objectives are likely to feature more prominently as monetary policy goals than prior to the crisis. It also assesses if these new instruments should be used during the transition to this situation and when countries are stuck in persistent stagnation. In the post recovery situation, central banks could ultimately revert to targeting short-term market rates with small balance sheets. This might, however, require changes to monetary policy implementation due to new liquidity requirements. The transition to this situation will be lengthy and will require a mixture of liquidity draining instruments. Alternatively, they could adopt a floor system, which may benefit financial stability. The use of unconventional measures as a substitute for policy rate cuts will no longer be needed unless countries remain in persistent stagnation. Nevertheless, in the post-recovery normal, extended collateral and counterparty eligibility could be sustained, and currency swap lines among central banks could be expanded Economics O'Farrell, Rory ctb Rawdanowicz, Łukasz ctb Christensen, Ane Kathrine ctb https://doi.org/10.1787/5js4w293c46j-en Verlag kostenfrei Volltext |
| spellingShingle | Inaba, Kei-Ichiro The Conduct of Monetary Policy in the Future Instrument Use Economics |
| title | The Conduct of Monetary Policy in the Future Instrument Use |
| title_alt | La conduite de la politique monétaire à l'avenir |
| title_auth | The Conduct of Monetary Policy in the Future Instrument Use |
| title_exact_search | The Conduct of Monetary Policy in the Future Instrument Use |
| title_exact_search_txtP | The Conduct of Monetary Policy in the Future Instrument Use |
| title_full | The Conduct of Monetary Policy in the Future Instrument Use Kei-Ichiro Inaba ... [et al] = La conduite de la politique monétaire à l'avenir : L'utilisation d'instruments / Kei-Ichiro Inaba ... [et al] |
| title_fullStr | The Conduct of Monetary Policy in the Future Instrument Use Kei-Ichiro Inaba ... [et al] = La conduite de la politique monétaire à l'avenir : L'utilisation d'instruments / Kei-Ichiro Inaba ... [et al] |
| title_full_unstemmed | The Conduct of Monetary Policy in the Future Instrument Use Kei-Ichiro Inaba ... [et al] = La conduite de la politique monétaire à l'avenir : L'utilisation d'instruments / Kei-Ichiro Inaba ... [et al] |
| title_short | The Conduct of Monetary Policy in the Future |
| title_sort | the conduct of monetary policy in the future instrument use |
| title_sub | Instrument Use |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/5js4w293c46j-en |
| work_keys_str_mv | AT inabakeiichiro theconductofmonetarypolicyinthefutureinstrumentuse AT ofarrellrory theconductofmonetarypolicyinthefutureinstrumentuse AT rawdanowiczłukasz theconductofmonetarypolicyinthefutureinstrumentuse AT christensenanekathrine theconductofmonetarypolicyinthefutureinstrumentuse AT inabakeiichiro laconduitedelapolitiquemonetairealavenir AT ofarrellrory laconduitedelapolitiquemonetairealavenir AT rawdanowiczłukasz laconduitedelapolitiquemonetairealavenir AT christensenanekathrine laconduitedelapolitiquemonetairealavenir |