Monetary Policy of Main Central Banks During the 2007-2011 Crisis

Nerina Reyna (), Carlos F. Suárez Dóriga () and Matías Vicens ()
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Nerina Reyna: Central Bank of Argentina
Carlos F. Suárez Dóriga: Central Bank of Argentina
Matías Vicens: Central Bank of Argentina

Ensayos Económicos, 2011, vol. 1, issue 61-62, 189-249

Abstract: Lehman Brothers’ failure required the Central Banks of the main developed and emerging countries to implement non-traditional monetary policy measures with a degree of coordination, cooperation and pragmatism that finds no precedents in history so as to prevent the deepening of the worst post-war recession. For this reason, the crisis has turned to be a monetary policy case study with no historical antecedent of similar magnitude. The purpose of this paper is to provide the reader with a reference source about the measures implemented by the monetary authorities. To this effect, a detailed survey of these measures has been prepared, focused on the peaks of the crisis. At the time of completion of this paper, a new international economic context is setting up, which could eventually require a new round of unconventional monetary policy that will surely guarantee a future case study.

Keywords: Bank of England; central banks; developed and emerging countries; European Central Bank; Federal Reserve; international financial crisis; monetary policy; unconventional measures (search for similar items in EconPapers)
JEL-codes: E50 E52 E58 E59 F01 (search for similar items in EconPapers)
Date: 2011
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