THE PRESENT ROLE OF CENTRAL BANKS – UNCONVENTIONAL MONETARY POLICIES

Lucian C. Ionescu
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Lucian C. Ionescu: Institute for Studies on Finance and Banking, Bucharest, Romania

Journal of Financial and Monetary Economics, 2016, vol. 3, issue 1, 48-55

Abstract: The `Great Recession/crisis` (2007-2009) shockingly marked a drastic change in the ways, means and types of monetary policies initiated and operated by central banks in more and more countries. Anticipated‘by Japan in the 1990s, the stagnation-deflation tandem has become a common denominator especially for western developed countries (Northern America and Western Europe). Being initially an ‘exception from the rule‘, the so-called unconventional monetary policies have gradually evolved into a characteristic/fixture of macroeconomic policy system in most developed economies. This study aims to decipher the determinants, forms and effects of these policies, also including a short ‗study case‘, considerations and conclusions.

Keywords: central banks’ role, unconventional monetary policies, quantitative easing, deflation; negative interest rate(s) (search for similar items in EconPapers)
JEL-codes: E58 F33 G (search for similar items in EconPapers)
Date: 2016
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