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Should Unconventional Monetary Policies Become Conventional?

Author: Dominic Quint; Pau Rabanal
Publisher: Washington, D.C. : International Monetary Fund, 2017.
Series: IMF Working Papers.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
The large recession that followed the Global Financial Crisis of 2008-09 triggered unprecedented monetary policy easing around the world. Most central banks in advanced economies deployed new instruments to affect credit conditions and to provide liquidity at a large scale after shortterm policy rates reached their effective lower bound. In this paper, we study if this new set of tools, commonly labeled as  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Quint, Dominic.
Should Unconventional Monetary Policies Become Conventional?
Washington, D.C. : International Monetary Fund, ©2017
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Dominic Quint; Pau Rabanal
ISBN: 9781475591453 1475591454 1475591330 9781475591330
ISSN:1018-5941
OCLC Number: 983733963
Description: 1 online resource (45 pages)
Contents: Cover; Table of Contents; 1 Introduction; 2 The Model; 2.1 Non-Financial Firms; 2.1.1 Intermediate Goods Producers; 2.1.2 Capital Goods Producers; 2.2 Financial Intermediaries; 2.2.1 Corporate Long-Term Bonds; 2.2.2 Long-Term Government Bonds; 2.2.3 Banking Sector; 2.3 Households and Wage Setting; 2.4 The Government; 3 Model Estimation; 3.1 Parameter Estimates; 4 Model Fit; 5 Implementing UMP in the Model; 5.1 Direct Lending to Firms; 5.2 Purchases of Government Bonds; 5.3 The Effects of UMP; 6 Welfare Analysis; 6.1 Using The Estimated Taylor Rule; 6.1.1 Optimal Coefficients. 6.1.2 Impulse Response Analysis6.2 Using Alternative Monetary Policy Rules; 7 Conclusions; References.
Series Title: IMF Working Papers.

Abstract:

The large recession that followed the Global Financial Crisis of 2008-09 triggered unprecedented monetary policy easing around the world. Most central banks in advanced economies deployed new instruments to affect credit conditions and to provide liquidity at a large scale after shortterm policy rates reached their effective lower bound. In this paper, we study if this new set of tools, commonly labeled as unconventional monetary policies (UMP), should still be used when economic conditions and interest rates normalize. In particular, we study the optimality of asset purchase programs by using an estimated non-linear DSGE model with a banking sector and long-term private and public debt for the United States. We find that the benefits of using such UMP in normal times are substantial, equivalent to 1.45 percent of consumption. However, the benefits from using UMP are shock-dependent and mostly arise when the economy is hit by financial shocks. When more traditional business cycle shocks (such as supply and demand shocks) hit the economy, the benefits of using UMP are negligible or zero.

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