International experiences with unconventional central bank instruments

Kristóf Lehmann ()
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Kristóf Lehmann: Magyar Nemzeti Bank (central bank of Hungary)

MNB Bulletin (discontinued), 2012, vol. 7, issue 2, 24-30

Abstract: This article provides an overview of international experiences with the use of unconventional central bank instruments. The application of unconventional instruments may be justified by the existence of financial market friction, turmoil, failure or constraint, when instruments that change the size and/or composition of central bank balance sheets may be more efficient in achieving monetary policy objectives than traditional interest rate policy.

Keywords: monetary policy; unconventional instruments; financial intermediation (search for similar items in EconPapers)
JEL-codes: E44 E52 E58 E61 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (3)

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