Unconventional monetary policy: between the past and future of monetary economics

Mattia Guerini, Francesco Lamperti and Andrea Mazzocchetti ()
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Francesco Lamperti: Sant'Anna School of Advanced Studies

No 2018-13, Documents de Travail de l'OFCE from Observatoire Francais des Conjonctures Economiques (OFCE)

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 ex-cursus 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 that might positively affect the real economy beyond the financial system.

Keywords: Unconventional monetary policy; inflation targeting; central bank independance (search for similar items in EconPapers)
JEL-codes: E51 E52 E58 E61 (search for similar items in EconPapers)
Date: 2018-04-23
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Citations: View citations in EconPapers (6)

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Related works:
Journal Article: Unconventional monetary policy: between the past and future of monetary economics (2018)
Working Paper: Unconventional monetary policy: between the past and future of monetary economics (2018)
Working Paper: Unconventional monetary policy: between the past and future of monetary economics (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:fce:doctra:1813

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