The Effectiveness of Monetary Policy since the Onset of the Financial Crisis: = L'efficacité de la politique monétaire depuis le début de la crise financière
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...
Saved in:
| Main Author: | |
|---|---|
| Other Authors: | , , , |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
2013
|
| Series: | OECD Economics Department Working Papers
no.1081 |
| Subjects: | |
| Online Access: | DE-862 DE-863 |
| Summary: | 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. |
| Physical Description: | 1 Online-Ressource (83 Seiten) 21 x 29.7cm. |
Staff View
MARC
| LEADER | 00000cam a22000002 4500 | ||
|---|---|---|---|
| 001 | ZDB-13-SOC-061302147 | ||
| 003 | DE-627-1 | ||
| 005 | 20241028113946.0 | ||
| 007 | cr uuu---uuuuu | ||
| 008 | 210204s2013 xx |||||o 00| ||eng c | ||
| 024 | 7 | |a 10.1787/5k41zq9brrbr-en |2 doi | |
| 035 | |a (DE-627-1)061302147 | ||
| 035 | |a (DE-599)KEP061302147 | ||
| 035 | |a (FR-PaOEC)5k41zq9brrbr-en | ||
| 035 | |a (DE-627-1)061302147 | ||
| 040 | |a DE-627 |b ger |c DE-627 |e rda | ||
| 041 | |a eng | ||
| 084 | |a G01 |2 jelc | ||
| 084 | |a G28 |2 jelc | ||
| 084 | |a E32 |2 jelc | ||
| 084 | |a E43 |2 jelc | ||
| 084 | |a E44 |2 jelc | ||
| 084 | |a E5 |2 jelc | ||
| 084 | |a H12 |2 jelc | ||
| 100 | 1 | |a Bouis, Romain |e VerfasserIn |4 aut | |
| 245 | 1 | 4 | |a The Effectiveness of Monetary Policy since the Onset of the Financial Crisis |b = L'efficacité de la politique monétaire depuis le début de la crise financière |c Romain, Bouis ... [et al] |
| 246 | 3 | 1 | |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 | |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.1081 | |
| 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 |e MitwirkendeR |4 ctb | |
| 700 | 1 | |a Renne, Jean-Paul |e MitwirkendeR |4 ctb | |
| 700 | 1 | |a Watanabe, Shingo |e MitwirkendeR |4 ctb | |
| 700 | 1 | |a Christensen, Ane Kathrine |e MitwirkendeR |4 ctb | |
| 966 | 4 | 0 | |l DE-862 |p ZDB-13-SOC |q FWS_PDA_SOC |u https://doi.org/10.1787/5k41zq9brrbr-en |m X:OECD |x Resolving-System |z lizenzpflichtig |3 Volltext |
| 966 | 4 | 0 | |l DE-863 |p ZDB-13-SOC |q FWS_PDA_SOC |u https://doi.org/10.1787/5k41zq9brrbr-en |m X:OECD |x Resolving-System |z lizenzpflichtig |3 Volltext |
| 912 | |a ZDB-13-SOC | ||
| 912 | |a ZDB-13-SOC-ebook | ||
| 912 | |a ZDB-13-SOC | ||
| 951 | |a BO | ||
| 912 | |a ZDB-13-SOC | ||
| 049 | |a DE-862 | ||
| 049 | |a DE-863 | ||
Record in the Search Index
| DE-BY-FWS_katkey | ZDB-13-SOC-061302147 |
|---|---|
| _version_ | 1826942522412236801 |
| adam_text | |
| any_adam_object | |
| author | Bouis, Romain |
| author2 | Rawdanowicz, Łukasz Renne, Jean-Paul Watanabe, Shingo Christensen, Ane Kathrine |
| author2_role | ctb ctb ctb ctb |
| author2_variant | ł r łr j p r jpr s w sw a k c ak akc |
| author_facet | Bouis, Romain Rawdanowicz, Łukasz Renne, Jean-Paul Watanabe, Shingo Christensen, Ane Kathrine |
| author_role | aut |
| author_sort | Bouis, Romain |
| author_variant | r b rb |
| building | Verbundindex |
| bvnumber | localFWS |
| collection | ZDB-13-SOC ZDB-13-SOC-ebook |
| ctrlnum | (DE-627-1)061302147 (DE-599)KEP061302147 (FR-PaOEC)5k41zq9brrbr-en |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>03427cam a22005052 4500</leader><controlfield tag="001">ZDB-13-SOC-061302147</controlfield><controlfield tag="003">DE-627-1</controlfield><controlfield tag="005">20241028113946.0</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">10.1787/5k41zq9brrbr-en</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627-1)061302147</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)KEP061302147</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(FR-PaOEC)5k41zq9brrbr-en</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627-1)061302147</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">G01</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">G28</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">E32</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="084" ind1=" " ind2=" "><subfield code="a">H12</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Bouis, Romain</subfield><subfield code="e">VerfasserIn</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="4"><subfield code="a">The Effectiveness of Monetary Policy since the Onset of the Financial Crisis</subfield><subfield code="b"> = L'efficacité de la politique monétaire depuis le début de la crise financière</subfield><subfield code="c">Romain, Bouis ... [et al]</subfield></datafield><datafield tag="246" ind1="3" ind2="1"><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="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.1081</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="e">MitwirkendeR</subfield><subfield code="4">ctb</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Renne, Jean-Paul</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="700" ind1="1" ind2=" "><subfield code="a">Christensen, Ane Kathrine</subfield><subfield code="e">MitwirkendeR</subfield><subfield code="4">ctb</subfield></datafield><datafield tag="966" ind1="4" ind2="0"><subfield code="l">DE-862</subfield><subfield code="p">ZDB-13-SOC</subfield><subfield code="q">FWS_PDA_SOC</subfield><subfield code="u">https://doi.org/10.1787/5k41zq9brrbr-en</subfield><subfield code="m">X:OECD</subfield><subfield code="x">Resolving-System</subfield><subfield code="z">lizenzpflichtig</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="4" ind2="0"><subfield code="l">DE-863</subfield><subfield code="p">ZDB-13-SOC</subfield><subfield code="q">FWS_PDA_SOC</subfield><subfield code="u">https://doi.org/10.1787/5k41zq9brrbr-en</subfield><subfield code="m">X:OECD</subfield><subfield code="x">Resolving-System</subfield><subfield code="z">lizenzpflichtig</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-ebook</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-862</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-863</subfield></datafield></record></collection> |
| id | ZDB-13-SOC-061302147 |
| illustrated | Not Illustrated |
| indexdate | 2025-03-18T14:29:21Z |
| institution | BVB |
| language | English |
| open_access_boolean | |
| owner | DE-862 DE-BY-FWS DE-863 DE-BY-FWS |
| owner_facet | DE-862 DE-BY-FWS DE-863 DE-BY-FWS |
| physical | 1 Online-Ressource (83 Seiten) 21 x 29.7cm. |
| psigel | ZDB-13-SOC FWS_PDA_SOC ZDB-13-SOC ZDB-13-SOC-ebook |
| publishDate | 2013 |
| publishDateSearch | 2013 |
| publishDateSort | 2013 |
| publisher | OECD Publishing |
| record_format | marc |
| series2 | OECD Economics Department Working Papers |
| spelling | Bouis, Romain VerfasserIn aut The Effectiveness of Monetary Policy since the Onset of the Financial Crisis = 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. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.1081 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 MitwirkendeR ctb Renne, Jean-Paul MitwirkendeR ctb Watanabe, Shingo MitwirkendeR ctb Christensen, Ane Kathrine MitwirkendeR ctb |
| spellingShingle | Bouis, Romain The Effectiveness of Monetary Policy since the Onset of the Financial Crisis = L'efficacité de la politique monétaire depuis le début de la crise financière Finance and Investment Economics |
| title | The Effectiveness of Monetary Policy since the Onset of the Financial Crisis = L'efficacité de la politique monétaire depuis le début de la crise financière |
| 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 = L'efficacité de la politique monétaire depuis le début de la crise financière |
| title_exact_search | The Effectiveness of Monetary Policy since the Onset of the Financial Crisis = L'efficacité de la politique monétaire depuis le début de la crise financière |
| title_full | The Effectiveness of Monetary Policy since the Onset of the Financial Crisis = 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 = 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 = 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 | effectiveness of monetary policy since the onset of the financial crisis l efficacite de la politique monetaire depuis le debut de la crise financiere |
| title_sub | = L'efficacité de la politique monétaire depuis le début de la crise financière |
| topic | Finance and Investment Economics |
| topic_facet | Finance and Investment Economics |
| work_keys_str_mv | AT bouisromain theeffectivenessofmonetarypolicysincetheonsetofthefinancialcrisislefficacitedelapolitiquemonetairedepuisledebutdelacrisefinanciere AT rawdanowiczłukasz theeffectivenessofmonetarypolicysincetheonsetofthefinancialcrisislefficacitedelapolitiquemonetairedepuisledebutdelacrisefinanciere AT rennejeanpaul theeffectivenessofmonetarypolicysincetheonsetofthefinancialcrisislefficacitedelapolitiquemonetairedepuisledebutdelacrisefinanciere AT watanabeshingo theeffectivenessofmonetarypolicysincetheonsetofthefinancialcrisislefficacitedelapolitiquemonetairedepuisledebutdelacrisefinanciere AT christensenanekathrine theeffectivenessofmonetarypolicysincetheonsetofthefinancialcrisislefficacitedelapolitiquemonetairedepuisledebutdelacrisefinanciere AT bouisromain lefficacitedelapolitiquemonetairedepuisledebutdelacrisefinanciere AT rawdanowiczłukasz lefficacitedelapolitiquemonetairedepuisledebutdelacrisefinanciere AT rennejeanpaul lefficacitedelapolitiquemonetairedepuisledebutdelacrisefinanciere AT watanabeshingo lefficacitedelapolitiquemonetairedepuisledebutdelacrisefinanciere AT christensenanekathrine lefficacitedelapolitiquemonetairedepuisledebutdelacrisefinanciere AT bouisromain effectivenessofmonetarypolicysincetheonsetofthefinancialcrisislefficacitedelapolitiquemonetairedepuisledebutdelacrisefinanciere AT rawdanowiczłukasz effectivenessofmonetarypolicysincetheonsetofthefinancialcrisislefficacitedelapolitiquemonetairedepuisledebutdelacrisefinanciere AT rennejeanpaul effectivenessofmonetarypolicysincetheonsetofthefinancialcrisislefficacitedelapolitiquemonetairedepuisledebutdelacrisefinanciere AT watanabeshingo effectivenessofmonetarypolicysincetheonsetofthefinancialcrisislefficacitedelapolitiquemonetairedepuisledebutdelacrisefinanciere AT christensenanekathrine effectivenessofmonetarypolicysincetheonsetofthefinancialcrisislefficacitedelapolitiquemonetairedepuisledebutdelacrisefinanciere |