Economía del Ave María: el modelo teórico detrás de las políticas monetarias no convencionales

Louis-Philippe Rochon and Guillaume Vallet ()
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Guillaume Vallet: CREG - Centre de recherche en économie de Grenoble - UGA [2016-2019] - Université Grenoble Alpes [2016-2019]

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Abstract: As the era of negative interest rates continues, at least for the time being, it is a topic worth reflecting upon, especially in an attempt to understand its theoretical roots, and particularly in light of a possible upcoming slowdown in economic activity in the US and elsewhere (at the time of writing). This paper examines the evolution of monetary policy since the crisis, and focuses on so-called unconventional policies like Quantitative Easing (QE) and negative interest rates, arguing that from a theoretical, albeit neoclassical, perspective, both policies are related and based on the same money-multiplier model.

Keywords: negative interest rates; quantitative easing; unconventional monetary policy; tasas de interés negativas; flexibilización cuantitativa; política monetaria no convencional (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (1)

Published in Ola financiera, 2019, 12 (34), pp.1-24. ⟨10.22201/fe.18701442e.2019.34.71955⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-02319481

DOI: 10.22201/fe.18701442e.2019.34.71955

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