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...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Weitere Verfasser: | |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2010
|
| Schriftenreihe: | OECD Economics Department Working Papers
no.753 |
| 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 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5kml6xm7qgs6-en |
Internformat
MARC
| LEADER | 00000cam a22000002 4500 | ||
|---|---|---|---|
| 001 | ZDB-13-SOC-061324760 | ||
| 003 | DE-627-1 | ||
| 005 | 20231204121554.0 | ||
| 007 | cr uuu---uuuuu | ||
| 008 | 210204s2010 xx |||||o 00| ||eng c | ||
| 024 | 7 | |a 10.1787/5kml6xm7qgs6-en |2 doi | |
| 035 | |a (DE-627-1)061324760 | ||
| 035 | |a (DE-599)KEP061324760 | ||
| 035 | |a (FR-PaOEC)5kml6xm7qgs6-en | ||
| 035 | |a (EBP)061324760 | ||
| 040 | |a DE-627 |b ger |c DE-627 |e rda | ||
| 041 | |a eng | ||
| 084 | |a E58 |2 jelc | ||
| 084 | |a E51 |2 jelc | ||
| 084 | |a E52 |2 jelc | ||
| 084 | |a E50 |2 jelc | ||
| 084 | |a E31 |2 jelc | ||
| 084 | |a E44 |2 jelc | ||
| 084 | |a E42 |2 jelc | ||
| 100 | 1 | |a Minegishi, Makoto |e VerfasserIn |4 aut | |
| 245 | 1 | 0 | |a Monetary Policy Responses to the Crisis and Exit Strategies |c Makoto, Minegishi and Boris, Cournède = Réponses de la politique monétaire à la crise et stratégies de sortie / Makoto, Minegishi et Boris, Cournède |
| 246 | 3 | 3 | |a Réponses de la politique monétaire à la crise et stratégies de sortie |
| 264 | 1 | |a Paris |b OECD Publishing |c 2010 | |
| 300 | |a 1 Online-Ressource (49 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.753 | |
| 520 | |a 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. | ||
| 650 | 4 | |a Economics | |
| 700 | 1 | |a Cournède, Boris |e MitwirkendeR |4 ctb | |
| 856 | 4 | 0 | |l FWS01 |p ZDB-13-SOC |q FWS_PDA_SOC |u https://doi.org/10.1787/5kml6xm7qgs6-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-061324760 |
|---|---|
| _version_ | 1816797332072562688 |
| adam_text | |
| any_adam_object | |
| author | Minegishi, Makoto |
| author2 | Cournède, Boris |
| author2_role | ctb |
| author2_variant | b c bc |
| author_facet | Minegishi, Makoto Cournède, Boris |
| author_role | aut |
| author_sort | Minegishi, Makoto |
| author_variant | m m mm |
| building | Verbundindex |
| bvnumber | localFWS |
| collection | ZDB-13-SOC |
| ctrlnum | (DE-627-1)061324760 (DE-599)KEP061324760 (FR-PaOEC)5kml6xm7qgs6-en (EBP)061324760 |
| discipline | Wirtschaftswissenschaften |
| doi_str_mv | 10.1787/5kml6xm7qgs6-en |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02772cam a22004452 4500</leader><controlfield tag="001">ZDB-13-SOC-061324760</controlfield><controlfield tag="003">DE-627-1</controlfield><controlfield tag="005">20231204121554.0</controlfield><controlfield tag="007">cr uuu---uuuuu</controlfield><controlfield tag="008">210204s2010 xx |||||o 00| ||eng c</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1787/5kml6xm7qgs6-en</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627-1)061324760</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)KEP061324760</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(FR-PaOEC)5kml6xm7qgs6-en</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(EBP)061324760</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">E58</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">E51</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">E52</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">E50</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">E44</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">E42</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Minegishi, Makoto</subfield><subfield code="e">VerfasserIn</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Monetary Policy Responses to the Crisis and Exit Strategies</subfield><subfield code="c">Makoto, Minegishi and Boris, Cournède = Réponses de la politique monétaire à la crise et stratégies de sortie / Makoto, Minegishi et Boris, Cournède</subfield></datafield><datafield tag="246" ind1="3" ind2="3"><subfield code="a">Réponses de la politique monétaire à la crise et stratégies de sortie</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Paris</subfield><subfield code="b">OECD Publishing</subfield><subfield code="c">2010</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (49 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.753</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">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.</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Economics</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Cournède, Boris</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/10.1787/5kml6xm7qgs6-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-061324760 |
| illustrated | Not Illustrated |
| indexdate | 2024-11-26T14:55:53Z |
| institution | BVB |
| language | English |
| open_access_boolean | |
| owner | DE-863 DE-BY-FWS |
| owner_facet | DE-863 DE-BY-FWS |
| physical | 1 Online-Ressource (49 p.) 21 x 29.7cm. |
| psigel | ZDB-13-SOC |
| publishDate | 2010 |
| publishDateSearch | 2010 |
| publishDateSort | 2010 |
| publisher | OECD Publishing |
| record_format | marc |
| series2 | OECD Economics Department Working Papers |
| spelling | Minegishi, Makoto VerfasserIn 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 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.753 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 MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5kml6xm7qgs6-en 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_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 |
| work_keys_str_mv | AT minegishimakoto monetarypolicyresponsestothecrisisandexitstrategies AT cournedeboris monetarypolicyresponsestothecrisisandexitstrategies AT minegishimakoto reponsesdelapolitiquemonetairealacriseetstrategiesdesortie AT cournedeboris reponsesdelapolitiquemonetairealacriseetstrategiesdesortie |