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Exiting unconventional monetary policy

2017-10-11 Business & Economics
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Release : 2017-10-11
Genre : Business & Economics
Kind : eBook
Book Rating : 169/5 ( reviews)

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Book Synopsis Exiting unconventional monetary policy by : Korbinian Stinglhamer

Download or read book Exiting unconventional monetary policy written by Korbinian Stinglhamer. This book was released on 2017-10-11. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2016 in the subject Economics - Finance, grade: 1,0, University of Wisconsin-Madison (Economics), course: The Financial System, language: English, abstract: The paper analyzes the unconventional monetary policies that were implemented by the Federal Reserve Bank, the Bank of England, the European Central Bank, and the Bank of Japan during their post-crisis transitions. Next, potential challenges involved in the exit will be analyzed. During the financial crisis many central banks in the world implemented “unconventional monetary policy” measures, such as balance-sheet policies, forward guidance, and negative interest rates. Once the financial system stabilizes, the difficult process of returning back to conventional monetary policy begins. For this reason, this paper analyzes the unconventional monetary policies during post-crisis transitions and potential challenges involved in the exit. The analysis suggests that a transition from unconventional monetary policies should be accomplished smoothly, without exceeding inflation, harming economic recovery, or destabilizing financial markets. Furthermore, the analysis suggests to make use of forward guidance in order to prepare the market for the exit and to increase its potential speed. However, the optimal exiting policy depends largely on present and future economic conditions of the respective currency region. In order to analyze these conditions and determine the ideal exiting strategy for each central bank, further investigations need to be done.

Managing the Exit

2010-05-01 Business & Economics
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Release : 2010-05-01
Genre : Business & Economics
Kind : eBook
Book Rating : 735/5 ( reviews)

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Book Synopsis Managing the Exit by : Mr.Murtaza H. Syed

Download or read book Managing the Exit written by Mr.Murtaza H. Syed. This book was released on 2010-05-01. Available in PDF, EPUB and Kindle. Book excerpt: In responding to the global crisis, central banks in several advanced economies ventured beyond traditional monetary policy. A variety of unorthodox measures, including purchases of public and private assets, have significantly enlarged their balance sheets. As recoveries take hold, focus will increasingly shift from countering the Great Recession to orchestrating an exit and returning to a more normal monetary framework. Five years ago, as its economy recovered from a severe financial crisis, Japan attempted just such an exit. This note revisits the Bank of Japan’s experience and draws potential lessons for managing an orderly exit today, with a focus on technical aspects, practicalities, and communication strategies. While the nature of the assets acquired during the present crisis could pose additional complications, parts of Japan’s arsenal—communication, flexibility, a sufficient set of policy tools and a strategy for using them, safeguards against potential losses, the revival of risk appetite through decisive restructuring of balance sheets, and refinements to the monetary framework upon exit—also could be important this time around.

Looking Forward

2009
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Release : 2009
Genre :
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis Looking Forward by : Mewael F. Tesfaselassie

Download or read book Looking Forward written by Mewael F. Tesfaselassie. This book was released on 2009. Available in PDF, EPUB and Kindle. Book excerpt:

Global Impact and Challenges of Unconventional Monetary Policies

2013-03-09 Business & Economics
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Release : 2013-03-09
Genre : Business & Economics
Kind : eBook
Book Rating : 39X/5 ( reviews)

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Book Synopsis Global Impact and Challenges of Unconventional Monetary Policies by : International Monetary Fund. Strategy, Policy, & Review Department

Download or read book Global Impact and Challenges of Unconventional Monetary Policies written by International Monetary Fund. Strategy, Policy, & Review Department. This book was released on 2013-03-09. Available in PDF, EPUB and Kindle. Book excerpt: This paper takes stock of unconventional monetary policies (UMP) and their impact so far, and looks ahead towards exit and prospects for policy coordination. It synthesizes earlier staff work on UMP,1 the findings of a substantial and growing academic and central banking literature, as well as further staff analysis contained in the Background Paper. While some widely accepted conclusions have emerged from the large and growing number of studies on UMP, many important questions remain unsettled, as enough time has not elapsed to draw definitive conclusions. In those cases, the paper will pose the relevant questions and provide possible nswers, while recognizing the uncertainty that remains.

Unconventional Monetary Policy and the Federal Reserve

2013 Monetary policy
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Release : 2013
Genre : Monetary policy
Kind : eBook
Book Rating : 378/5 ( reviews)

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Book Synopsis Unconventional Monetary Policy and the Federal Reserve by : Payton E. Dawson

Download or read book Unconventional Monetary Policy and the Federal Reserve written by Payton E. Dawson. This book was released on 2013. Available in PDF, EPUB and Kindle. Book excerpt: The "Great Recession" and the ensuing weak recovery have led the Federal Reserve (Fed) to re-evaluate its monetary policy. Since December 2008, overnight interest rates have been near zero; at this "zero bound," they cannot be lowered further to stimulate the economy. As a result, the Fed has taken unprecedented policy steps to try to fulfil its statutory mandate of maximum employment and price stability. Congress has oversight responsibilities for ensuring that the Fed's actions are consistent with its mandate. This book analyses the economic effects of these programs, the current economic context in which these policies have been adopted, policy alternatives that the Fed has not pursued to date and their potential effects, potential legislative options for restricting the Fed's pursuit of unconventional monetary policy, and issues surrounding the eventual "exit strategy" from unconventional policy.

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