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

Mattia Guerini, Francesco Lamperti and Andrea Mazzocchetti ()
Additional contact information
Francesco Lamperti: Sant’Anna School of Advanced Studies, Pisa and Fondazione Eni Enrico Mattei, Milano, Italy

European Journal of Economics and Economic Policies: Intervention, 2018, vol. 15, issue 2, 122-131

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 that might positively affect the real economy beyond the financial system.

Keywords: unconventional monetary policies; inflation targeting; central-bank independence (search for similar items in EconPapers)
JEL-codes: E51 E52 E58 E61 (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations: View citations in EconPapers (7)

Downloads: (external link)
https://www.elgaronline.com/view/journals/ejeep/15-2/ejeep.2018.02.03.xml (application/pdf)
Restricted access

Related works:
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)
Working Paper: Unconventional monetary policy: between the past and future of monetary economics (2018)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:elg:ejeepi:v:15:y:2018:i:2:p122-131

Access Statistics for this article

European Journal of Economics and Economic Policies: Intervention is currently edited by Torsten Niechoj

More articles in European Journal of Economics and Economic Policies: Intervention from Edward Elgar Publishing
Bibliographic data for series maintained by Phillip Thompson ().