Abstract

http://ssrn.com/abstract=1511623
 
 

References (66)



 
 

Citations (28)



 


 



Unconventional Monetary Policies: An Appraisal


Claudio E. V. Borio


Bank for International Settlements (BIS) - Research and Policy Analysis

Piti Disyatat


affiliation not provided to SSRN

November 1, 2009

BIS Working Paper No. 292

Abstract:     
The recent global financial crisis has led central banks to rely heavily on "unconventional" monetary policies. This alternative approach to policy has generated much discussion and a heated and at times confusing debate. The debate has been complicated by the use of different definitions and conflicting views of the mechanisms at work. This paper sets out a framework for classifying and thinking about such policies, highlighting how they can be viewed within the overall context of monetary policy implementation. The framework clarifies the differences among the various forms of unconventional monetary policy, provides a systematic characterisation of the wide range of central bank responses to the crisis, helps to underscore the channels of transmission, and identifies some of the main policy challenges. In the process, the paper also addresses a number of contentious analytical issues, notably the role of bank reserves and their inflationary consequences.

Number of Pages in PDF File: 37

Keywords: unconventional monetary policy, balance sheet policy, credit policy, quantitative easing, credit easing, monetary policy implementation, transmission mechanism, interest rates

JEL Classification: E40, E50, E52, E58, E60

working papers series





Download This Paper

Date posted: November 23, 2009  

Suggested Citation

Borio, Claudio E. V. and Disyatat, Piti, Unconventional Monetary Policies: An Appraisal (November 1, 2009). BIS Working Paper No. 292. Available at SSRN: http://ssrn.com/abstract=1511623 or http://dx.doi.org/10.2139/ssrn.1511623

Contact Information

Claudio E.V. Borio (Contact Author)
Bank for International Settlements (BIS) - Research and Policy Analysis ( email )
CH-4002 Basel, Basel-Stadt
Switzerland
Piti Disyatat
affiliation not provided to SSRN ( email )
Feedback to SSRN


Paper statistics
Abstract Views: 949
Downloads: 324
Download Rank: 22,931
References:  66
Citations:  28
People who downloaded this paper also downloaded:
1. Delayed Reward Discounting in Alcohol Abuse
By Rudy Vuchinich and Cathy Simpson

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo2 in 0.312 seconds