Do conventional monetary policy instruments matter in unconventional times?
نویسندگان
چکیده
منابع مشابه
Conventional and Unconventional Monetary Policy
The authors extend a standard New Keynesian model to incorporate heterogeneity in spending opportunities and two sources of (potentially time-varying) credit spreads and to allow a role for the central bank’s balance sheet in equilibrium determination. They use the model to investigate the implications of imperfect financial intermediation for familiar monetary policy prescriptions, and to cons...
متن کاملUnconventional Monetary Policy and the Dollar: Conventional Signs, Unconventional Magnitudes
We examine the effects of unconventional monetary policy surprises on the value of the dollar using high-frequency intraday data and contrast them with the effects of conventional policy tools. Identifying monetary policy surprises from changes in interest rate future prices in narrow windows around policy announcements, we find that monetary policy surprises since the Federal Reserve lowered i...
متن کاملLorenzo Bini Smaghi: Conventional and unconventional monetary policy
This topic has not featured prominently in the speeches given by central bankers in recent decades. But the escalating financial crisis since last autumn has pushed the theme to centre stage. Central banks throughout the world have been responding to the crisis by taking both conventional and unconventional policy measures. It is important to have a good understanding of the unconventional poli...
متن کاملConventional and Unconventional Monetary Policy with Endogenous Collateral Constraints∗
We consider the effects of central-bank purchases of a risky asset, financed by issuing riskless nominal liabilities (reserves), as an additional dimension of policy alongside “conventional” monetary policy (central-bank control of the riskless nominal interest rate), in a general-equilibrium model of asset pricing and risk sharing with endogenous collateral constraints of the kind proposed by ...
متن کاملRemarks on Unconventional Monetary Policy
Figure 1 displays the facts that motivate this discussion. Interest rate spreads increased somewhat at the start of the 2007 recession and then widened substantially after August 2008. The Federal Reserve initiated a program of unconventional monetary policy in the fall of 2007, by purchasing privately issued assets and by permitting banks to use privately issued assets as collateral at the dis...
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ژورنال
عنوان ژورنال: Journal of Banking & Finance
سال: 2020
ISSN: 0378-4266
DOI: 10.1016/j.jbankfin.2020.105858