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Transcending monetary orthodoxy: The new strategy of modern central banking

Carlos Eduardo Carrasquero Luces ()
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Carlos Eduardo Carrasquero Luces: Universidad de Los Andes. Mérida. Venezuela. Código Postal 5101.

Economía, 2014, vol. 39, issue 38, 33-58

Abstract: The global financial crisis which took place at the end of the first decade of the XXI century, revealed the necessity of mending the policy framework that governs central banks worldwide, to accommodate in its toolkit new monetary policy measures. This paper gives an overview of the unorthodox measures implemented by some of the largest economies in the world in their efforts to overcome the crisis, concluding that modern central banks seems to have found that when the interest rate loses the ability to influence the economy by having touched its zero lower bound, monetary liquidity acquires the ability to act at a macroeconomic level without unbalancing the real economy.

Keywords: Monetary policy; unorthodox policy; financial crisis. (search for similar items in EconPapers)
JEL-codes: E52 E58 G10 (search for similar items in EconPapers)
Date: 2014
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More articles in Economía from Instituto de Investigaciones Económicas y Sociales (IIES). Facultad de Ciencias Económicas y Sociales. Universidad de Los Andes. Mérida, Venezuela Facultad de Ciencias Económicas y Sociales. Instituto de Investigaciones Económicas y Sociales. Campus Universitario Liria, Edificio G, Tercer Nivel. Mérida 5101, Estado Mérida, Venezuela. Contact information at EDIRC.
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Handle: RePEc:ula:econom:v:39:y:2014:i:38:p:33-58