The Benefits and Costs of Highly Expansionary Monetary Policy:
How far to go - and to remain - in the direction of highly expansionary monetary policy hinges on the balance of marginal benefits and costs of additional monetary easing and its expected evolution over time. This paper sketches a framework for assessing this balance and applies it to four OECD econ...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Weitere Verfasser: | , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2013
|
| Schriftenreihe: | OECD Economics Department Working Papers
no.1082 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | How far to go - and to remain - in the direction of highly expansionary monetary policy hinges on the balance of marginal benefits and costs of additional monetary easing and its expected evolution over time. This paper sketches a framework for assessing this balance and applies it to four OECD economic areas: the euro area, Japan, the United Kingdom and the United States. The effectiveness of further stimulus via quantitative easing or forward guidance in affecting asset prices, interest rates and credit flows will depend on the state of the economy and the functioning of financial markets. Marginal costs could rise due to excessive risk-taking; higher inflation expectations; higher likelihood of ever-greening; and higher risks of financial instability in the exit phase, especially when exit from monetary accommodation is close in time and signs of negative effects are already apparent. The balance of marginal benefits and costs is found to be different across the main OECD areas. In the United States, the case for additional stimulus is weakening, while the opposite is true for the euro area and Japan. In the United Kingdom, the assessment is less clear cut. |
| Beschreibung: | 1 Online-Ressource (43 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5k41zq8lwj9v-en |
Internformat
MARC
| LEADER | 00000cam a22000002 4500 | ||
|---|---|---|---|
| 001 | ZDB-13-SOC-061299618 | ||
| 003 | DE-627-1 | ||
| 005 | 20231204121459.0 | ||
| 007 | cr uuu---uuuuu | ||
| 008 | 210204s2013 xx |||||o 00| ||eng c | ||
| 024 | 7 | |a 10.1787/5k41zq8lwj9v-en |2 doi | |
| 035 | |a (DE-627-1)061299618 | ||
| 035 | |a (DE-599)KEP061299618 | ||
| 035 | |a (FR-PaOEC)5k41zq8lwj9v-en | ||
| 035 | |a (EBP)061299618 | ||
| 040 | |a DE-627 |b ger |c DE-627 |e rda | ||
| 041 | |a eng | ||
| 084 | |a G12 |2 jelc | ||
| 084 | |a G21 |2 jelc | ||
| 084 | |a F32 |2 jelc | ||
| 084 | |a F31 |2 jelc | ||
| 084 | |a E31 |2 jelc | ||
| 084 | |a E43 |2 jelc | ||
| 084 | |a E44 |2 jelc | ||
| 084 | |a E5 |2 jelc | ||
| 100 | 1 | |a Rawdanowicz, Łukasz |e VerfasserIn |4 aut | |
| 245 | 1 | 4 | |a The Benefits and Costs of Highly Expansionary Monetary Policy |c Łukasz, Rawdanowicz, Romain, Bouis and Shingo, Watanabe = Les avantages et coûts d'une politique monétaire très expansionniste / Łukasz, Rawdanowicz, Romain, Bouis et Shingo, Watanabe |
| 246 | 3 | 3 | |a Les avantages et coûts d'une politique monétaire très expansionniste |
| 264 | 1 | |a Paris |b OECD Publishing |c 2013 | |
| 300 | |a 1 Online-Ressource (43 p.) |c 21 x 29.7cm. | ||
| 336 | |a Text |b txt |2 rdacontent | ||
| 337 | |a Computermedien |b c |2 rdamedia | ||
| 338 | |a Online-Ressource |b cr |2 rdacarrier | ||
| 490 | 0 | |a OECD Economics Department Working Papers |v no.1082 | |
| 520 | |a How far to go - and to remain - in the direction of highly expansionary monetary policy hinges on the balance of marginal benefits and costs of additional monetary easing and its expected evolution over time. This paper sketches a framework for assessing this balance and applies it to four OECD economic areas: the euro area, Japan, the United Kingdom and the United States. The effectiveness of further stimulus via quantitative easing or forward guidance in affecting asset prices, interest rates and credit flows will depend on the state of the economy and the functioning of financial markets. Marginal costs could rise due to excessive risk-taking; higher inflation expectations; higher likelihood of ever-greening; and higher risks of financial instability in the exit phase, especially when exit from monetary accommodation is close in time and signs of negative effects are already apparent. The balance of marginal benefits and costs is found to be different across the main OECD areas. In the United States, the case for additional stimulus is weakening, while the opposite is true for the euro area and Japan. In the United Kingdom, the assessment is less clear cut. | ||
| 650 | 4 | |a Finance and Investment | |
| 650 | 4 | |a Economics | |
| 700 | 1 | |a Bouis, Romain |e MitwirkendeR |4 ctb | |
| 700 | 1 | |a Watanabe, Shingo |e MitwirkendeR |4 ctb | |
| 856 | 4 | 0 | |l FWS01 |p ZDB-13-SOC |q FWS_PDA_SOC |u https://doi.org/10.1787/5k41zq8lwj9v-en |3 Volltext |
| 912 | |a ZDB-13-SOC | ||
| 912 | |a ZDB-13-SOC | ||
| 951 | |a BO | ||
| 912 | |a ZDB-13-SOC | ||
| 049 | |a DE-863 | ||
Datensatz im Suchindex
| DE-BY-FWS_katkey | ZDB-13-SOC-061299618 |
|---|---|
| _version_ | 1816797335761453056 |
| adam_text | |
| any_adam_object | |
| author | Rawdanowicz, Łukasz |
| author2 | Bouis, Romain Watanabe, Shingo |
| author2_role | ctb ctb |
| author2_variant | r b rb s w sw |
| author_facet | Rawdanowicz, Łukasz Bouis, Romain Watanabe, Shingo |
| author_role | aut |
| author_sort | Rawdanowicz, Łukasz |
| author_variant | ł r łr |
| building | Verbundindex |
| bvnumber | localFWS |
| collection | ZDB-13-SOC |
| ctrlnum | (DE-627-1)061299618 (DE-599)KEP061299618 (FR-PaOEC)5k41zq8lwj9v-en (EBP)061299618 |
| discipline | Wirtschaftswissenschaften |
| doi_str_mv | 10.1787/5k41zq8lwj9v-en |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02843cam a22004812 4500</leader><controlfield tag="001">ZDB-13-SOC-061299618</controlfield><controlfield tag="003">DE-627-1</controlfield><controlfield tag="005">20231204121459.0</controlfield><controlfield tag="007">cr uuu---uuuuu</controlfield><controlfield tag="008">210204s2013 xx |||||o 00| ||eng c</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1787/5k41zq8lwj9v-en</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627-1)061299618</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)KEP061299618</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(FR-PaOEC)5k41zq8lwj9v-en</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(EBP)061299618</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-627</subfield><subfield code="b">ger</subfield><subfield code="c">DE-627</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1=" " ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">G12</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">G21</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">F32</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">F31</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">E31</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">E43</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">E44</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">E5</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Rawdanowicz, Łukasz</subfield><subfield code="e">VerfasserIn</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="4"><subfield code="a">The Benefits and Costs of Highly Expansionary Monetary Policy</subfield><subfield code="c">Łukasz, Rawdanowicz, Romain, Bouis and Shingo, Watanabe = Les avantages et coûts d'une politique monétaire très expansionniste / Łukasz, Rawdanowicz, Romain, Bouis et Shingo, Watanabe</subfield></datafield><datafield tag="246" ind1="3" ind2="3"><subfield code="a">Les avantages et coûts d'une politique monétaire très expansionniste</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 (43 p.)</subfield><subfield code="c">21 x 29.7cm.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">Text</subfield><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">Computermedien</subfield><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">Online-Ressource</subfield><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><subfield code="v">no.1082</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">How far to go - and to remain - in the direction of highly expansionary monetary policy hinges on the balance of marginal benefits and costs of additional monetary easing and its expected evolution over time. This paper sketches a framework for assessing this balance and applies it to four OECD economic areas: the euro area, Japan, the United Kingdom and the United States. The effectiveness of further stimulus via quantitative easing or forward guidance in affecting asset prices, interest rates and credit flows will depend on the state of the economy and the functioning of financial markets. Marginal costs could rise due to excessive risk-taking; higher inflation expectations; higher likelihood of ever-greening; and higher risks of financial instability in the exit phase, especially when exit from monetary accommodation is close in time and signs of negative effects are already apparent. The balance of marginal benefits and costs is found to be different across the main OECD areas. In the United States, the case for additional stimulus is weakening, while the opposite is true for the euro area and Japan. In the United Kingdom, the assessment is less clear cut.</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">Bouis, Romain</subfield><subfield code="e">MitwirkendeR</subfield><subfield code="4">ctb</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Watanabe, Shingo</subfield><subfield code="e">MitwirkendeR</subfield><subfield code="4">ctb</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="l">FWS01</subfield><subfield code="p">ZDB-13-SOC</subfield><subfield code="q">FWS_PDA_SOC</subfield><subfield code="u">https://doi.org/10.1787/5k41zq8lwj9v-en</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">BO</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-863</subfield></datafield></record></collection> |
| id | ZDB-13-SOC-061299618 |
| illustrated | Not Illustrated |
| indexdate | 2024-11-26T14:55:57Z |
| institution | BVB |
| language | English |
| open_access_boolean | |
| owner | DE-863 DE-BY-FWS |
| owner_facet | DE-863 DE-BY-FWS |
| physical | 1 Online-Ressource (43 p.) 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 | Rawdanowicz, Łukasz VerfasserIn aut The Benefits and Costs of Highly Expansionary Monetary Policy Łukasz, Rawdanowicz, Romain, Bouis and Shingo, Watanabe = Les avantages et coûts d'une politique monétaire très expansionniste / Łukasz, Rawdanowicz, Romain, Bouis et Shingo, Watanabe Les avantages et coûts d'une politique monétaire très expansionniste Paris OECD Publishing 2013 1 Online-Ressource (43 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.1082 How far to go - and to remain - in the direction of highly expansionary monetary policy hinges on the balance of marginal benefits and costs of additional monetary easing and its expected evolution over time. This paper sketches a framework for assessing this balance and applies it to four OECD economic areas: the euro area, Japan, the United Kingdom and the United States. The effectiveness of further stimulus via quantitative easing or forward guidance in affecting asset prices, interest rates and credit flows will depend on the state of the economy and the functioning of financial markets. Marginal costs could rise due to excessive risk-taking; higher inflation expectations; higher likelihood of ever-greening; and higher risks of financial instability in the exit phase, especially when exit from monetary accommodation is close in time and signs of negative effects are already apparent. The balance of marginal benefits and costs is found to be different across the main OECD areas. In the United States, the case for additional stimulus is weakening, while the opposite is true for the euro area and Japan. In the United Kingdom, the assessment is less clear cut. Finance and Investment Economics Bouis, Romain MitwirkendeR ctb Watanabe, Shingo MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5k41zq8lwj9v-en Volltext |
| spellingShingle | Rawdanowicz, Łukasz The Benefits and Costs of Highly Expansionary Monetary Policy Finance and Investment Economics |
| title | The Benefits and Costs of Highly Expansionary Monetary Policy |
| title_alt | Les avantages et coûts d'une politique monétaire très expansionniste |
| title_auth | The Benefits and Costs of Highly Expansionary Monetary Policy |
| title_exact_search | The Benefits and Costs of Highly Expansionary Monetary Policy |
| title_full | The Benefits and Costs of Highly Expansionary Monetary Policy Łukasz, Rawdanowicz, Romain, Bouis and Shingo, Watanabe = Les avantages et coûts d'une politique monétaire très expansionniste / Łukasz, Rawdanowicz, Romain, Bouis et Shingo, Watanabe |
| title_fullStr | The Benefits and Costs of Highly Expansionary Monetary Policy Łukasz, Rawdanowicz, Romain, Bouis and Shingo, Watanabe = Les avantages et coûts d'une politique monétaire très expansionniste / Łukasz, Rawdanowicz, Romain, Bouis et Shingo, Watanabe |
| title_full_unstemmed | The Benefits and Costs of Highly Expansionary Monetary Policy Łukasz, Rawdanowicz, Romain, Bouis and Shingo, Watanabe = Les avantages et coûts d'une politique monétaire très expansionniste / Łukasz, Rawdanowicz, Romain, Bouis et Shingo, Watanabe |
| title_short | The Benefits and Costs of Highly Expansionary Monetary Policy |
| title_sort | benefits and costs of highly expansionary monetary policy |
| topic | Finance and Investment Economics |
| topic_facet | Finance and Investment Economics |
| url | https://doi.org/10.1787/5k41zq8lwj9v-en |
| work_keys_str_mv | AT rawdanowiczłukasz thebenefitsandcostsofhighlyexpansionarymonetarypolicy AT bouisromain thebenefitsandcostsofhighlyexpansionarymonetarypolicy AT watanabeshingo thebenefitsandcostsofhighlyexpansionarymonetarypolicy AT rawdanowiczłukasz lesavantagesetcoutsdunepolitiquemonetairetresexpansionniste AT bouisromain lesavantagesetcoutsdunepolitiquemonetairetresexpansionniste AT watanabeshingo lesavantagesetcoutsdunepolitiquemonetairetresexpansionniste AT rawdanowiczłukasz benefitsandcostsofhighlyexpansionarymonetarypolicy AT bouisromain benefitsandcostsofhighlyexpansionarymonetarypolicy AT watanabeshingo benefitsandcostsofhighlyexpansionarymonetarypolicy |