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Mutations at the Level of the Measures Adopted by Monetary Authorities

Marius Apostoaie and Stefan Matei ()
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Stefan Matei: Alexandru Ioan Cuza University of Iasi, Romania

Risk in Contemporary Economy, 2011, 349-357

Abstract: Following the intensification of the international financial crisis in autumn 2008 the functioning of the financial system was seriously hindered. Central banks around the world responded firmly by lowering their key interest rates to historically low levels. As financial conditions didn’t improve as hoped and the real economy was still unstable, revealing therefore the limits of mainstream monetary policy, many monetary authorities employed several unconventional measures. This study documents two important approaches of classifying “unorthodox” monetary policies and reviews several measures undertook by central banks highlighting the impact and some of the possible risks to the contemporary economy.

Keywords: central banks; unconventional monetary policy; interest rate policy; balance sheet policy; mutations; FED; ECB; Bank of England (search for similar items in EconPapers)
Date: 2011
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Handle: RePEc:ddj:fserec:y:2011:p:349-357