Unconventional Monetary Policies: An Appraisal

37 Pages Posted: 10 Aug 2010

See all articles by Claudio E. V. Borio

Claudio E. V. Borio

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

Piti Disyatat

affiliation not provided to SSRN

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Abstract

This paper sets out a framework for classifying and thinking about unconventional monetary 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 characterization of the wide range of central bank responses to the recent 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.

Suggested Citation

Borio, Claudio E.V. and Disyatat, Piti, Unconventional Monetary Policies: An Appraisal. The Manchester School, Vol. 78, Issue s1, pp. 53-89, September 2010. Available at SSRN: https://ssrn.com/abstract=1654128 or http://dx.doi.org/10.1111/j.1467-9957.2010.02199.x

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 )

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