Analysis of the Impact of Non-Standard Monetary Policy Measures on the Main Macroeconomic Indicators

Анализ влияния нестандартных мер монетарной политики на основные макроэкономические показатели

Vashelyuk, Natalya (Ващелюк, Наталья) () and Pavel Trunin
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Vashelyuk, Natalya (Ващелюк, Наталья): Russian Presidential Academy of National Economy and Public Administration (RANEPA)

Published Papers from Russian Presidential Academy of National Economy and Public Administration

Abstract: This paper examines the impact of nonstandard monetary policy measures on money market and their economy-wide effects. Four groups of nonconventional measures (quantitative easing, direct and indirect credit easing, forward guidance) and the way in which these operations were conducted in developed and emerging economies are explored. The study of nonstandard liquidity providing measures taken by the Bank of Russia revealed that the main challenges for monetary policy implementation are enhancing the transparency of monetary policy, minimizing distortional effects and appropriate risk management. We also found the evidence of the effectiveness of the credit auctions for 3-month loans secured by assets or guarantees. The regression analysis of the nonstandard liquidity easing measures showed that the increase in pace of providing the loans secured by non-marketable assets or guaranties puts a downward pressure on MosPrime rates.

Keywords: monetary policy; money market; nonconventional measures; nonstandard liquidity; credit auctions (search for similar items in EconPapers)
Pages: 88 pages
Date: 2015-04
New Economics Papers: this item is included in nep-cba, nep-cis, nep-mac, nep-mon and nep-tra
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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