Unconventional Monetary Policy: Between the Past and Future of Monetary Economics

LEM Working Papers, Forthcoming

13 Pages Posted: 10 May 2018

See all articles by Mattia Guerini

Mattia Guerini

University of Brescia - Department of Economics and Management; GREDEG CNRS; Scuola Superiore Sant'Anna di Pisa

Francesco Lamperti

Scuola Superiore Sant'Anna di Pisa - Institute of Economics and LEM; Fondazione Eni Enrico Mattei (FEEM)

Andrea Mazzocchetti

Ca' Foscari University of Venice

Date Written: April 23, 2018

Abstract

In this paper we discuss some of the monetary policy issues that have involved major central banks worldwide since the 2008 financial crisis, and which remain open. We provide an excursus of the unconventional monetary policies adopted by central banks in the last decade, focusing on the European Central Bank and the Federal Reserve, and we discuss the rationale and efficacy of some unconventional monetary instruments, of inflation targeting and of central bank independence. We also provide a perspective on possible future developments of monetary policy. We argue that while unconventional monetary policy was useful, there is still ample space for improvement: in the recessions to come, unconventional monetary policy will need to be better coordinated with fiscal, micro- and macro-prudential policies to provide more inclusive results that might positively affect the real economy beyond the financial system.

Keywords: unconventional monetary policies, inflation targeting, central bank independence

JEL Classification: E51, E52, E58, E61

Suggested Citation

Guerini, Mattia and Lamperti, Francesco and Mazzocchetti, Andrea, Unconventional Monetary Policy: Between the Past and Future of Monetary Economics (April 23, 2018). LEM Working Papers, Forthcoming, Available at SSRN: https://ssrn.com/abstract=3167969 or http://dx.doi.org/10.2139/ssrn.3167969

Mattia Guerini

University of Brescia - Department of Economics and Management ( email )

Via S. Faustino 74/b
Brescia
Italy

GREDEG CNRS ( email )

Sophia-Antipolis
France

Scuola Superiore Sant'Anna di Pisa ( email )

Pisa, 56127
Italy

Francesco Lamperti (Contact Author)

Scuola Superiore Sant'Anna di Pisa - Institute of Economics and LEM ( email )

Institute of Economics
Piazza Martiri della Liberta, n. 33
Pisa, Pisa 56127
Italy

Fondazione Eni Enrico Mattei (FEEM) ( email )

C.so Magenta 63
Milano, 20123
Italy

Andrea Mazzocchetti

Ca' Foscari University of Venice ( email )

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