Twenty Years of Unconventional Monetary Policies
نویسندگان
چکیده
منابع مشابه
Unconventional monetary policies and the credit market
We propose a theoretical model based on the bank lending channel to assess the ability of lending facilities and swap programmes to a¤ect the credit interest rate. The model predicts the success of both unconventional monetary measures in reducing the credit interest rate under very general conditions. The comparison between measures reveals the outperformance of lending facilities over swap pr...
متن کامل“The Distributive Effects of Conventional and Unconventional Monetary Policies”
The paper evaluates the distributional effects of conventional and unconventional monetary policies for the USA. The distributional effects are evaluated for the overall impact on the income distribution, using Gini index. The paper also assesses the effects of conventional and unconventional monetary policies on the different parts of income distribution, employing corresponding percentile rat...
متن کاملUnconventional monetary policies and the corporate bond market
The paper uses a reduced-form vector autoregressive framework to study the effects of quantitative easing and operation ‘‘twist’’, as well as a conventional monetary expansion, on corporate bond yields and spreads. We construct ratingand maturity-based weekly bond portfolios using TRACE and simulate monetary policies as shocks to the Treasury yield curve. We find that none of the policies can p...
متن کاملConventional 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 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: IMF Working Papers
سال: 2020
ISSN: 1018-5941
DOI: 10.5089/9781513560359.001