UNCONVENTIONAL MONETARY POLICIES: AN APPRAISAL
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...
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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...
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ژورنال
عنوان ژورنال: The Manchester School
سال: 2010
ISSN: 1463-6786
DOI: 10.1111/j.1467-9957.2010.02199.x