Journal Article

Unconventional monetary policy: the assessment

Christopher Bowdler and Amar Radia

in Oxford Review of Economic Policy

Published on behalf of The Oxford Review of Economic Policy Ltd

Volume 28, issue 4, pages 603-621
Published in print January 2012 | ISSN: 0266-903X
Published online December 2012 | e-ISSN: 1460-2121 | DOI: https://dx.doi.org/10.1093/oxrep/grs037
Unconventional monetary policy: the assessment

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  • Monetary Policy, Central Banking, and the Supply of Money and Credit
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The unconventional monetary policy measures adopted by the major central banks in the period since 2008 are discussed in this paper. We highlight some important differences between quantitative easing and conventional monetary policy and then evaluate the mechanisms through which quantitative easing may propagate to financial markets and the real economy, drawing on perspectives from monetarist and New Keynesian theory. Additional measures, intended to supplement or strengthen the effects of pure quantitative easing, often termed unconventional unconventional monetary policy, are also assessed. In our discussion we relate the various articles in this issue to some of the key research questions posed in relation to unconventional monetary policy.

Keywords: unconventional monetary policy; quantitative easing; zero lower bound; asset purchases; E44; E52; E58

Journal Article.  9837 words.  Illustrated.

Subjects: Monetary Policy, Central Banking, and the Supply of Money and Credit ; Money and Interest Rates

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