2018/09 | LEM Working Paper Series | ||||||||||||||||
Unconventional Monetary Policy: Between the Past and Future of Monetary Economics |
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Mattia Guerini, Francesco Lamperti and Andrea Mazzocchetti |
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Keywords | |||||||||||||||||
unconventional monetary policy, inflation targeting, central bank independence
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JEL Classifications | |||||||||||||||||
E51, E52, E58, E61
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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 the might
positively affect the real economy beyond the financial system.
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