More Stories of Unconventional Monetary Policy

64 Pages Posted: 14 May 2021

See all articles by Evan Karson

Evan Karson

Federal Reserve Banks - Federal Reserve Bank of St. Louis

Christopher J. Neely

Federal Reserve Bank of St. Louis - Research Division

Multiple version iconThere are 2 versions of this paper

Date Written: April 1, 2021

Abstract

This article extends the work of Fawley and Neely (2013) to describe how major central banks have evolved unconventional monetary policies to encourage real activity and maintain stable inflation rates from 2013 through 2019. By 2013, central banks were moving from lump-sum asset purchase programs to open-ended asset purchase programs, which are conditioned on economic conditions, careful communication strategies, bank lending programs with incentives, and negative interest rates. This article reviews how central banks tailored their unconventional monetary methods to their various challenges and the structures of their respective economies.

JEL Classification: E51, E58, E61, G12

Suggested Citation

Karson, Evan and Neely, Christopher J., More Stories of Unconventional Monetary Policy (April 1, 2021). FRB of St. Louis Review, Available at SSRN: https://ssrn.com/abstract=3843846 or http://dx.doi.org/10.20955/r.103.207-70

Evan Karson (Contact Author)

Federal Reserve Banks - Federal Reserve Bank of St. Louis

Christopher J. Neely

Federal Reserve Bank of St. Louis - Research Division ( email )

411 Locust St
Saint Louis, MO 63011
United States
314-444-8568 (Phone)
314-444-8731 (Fax)

HOME PAGE: http://www.stls.frb.org/research/econ/cneely/

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