| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7669 |
| DP7669 Monetary policy in exceptional times | |
| Lucrezia Reichlin; Huw Pill; Michele Lenza | |
| 发表日期 | 2010-01-31 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This paper describes the way in which the European Central Bank (ECB), the Federal Reserve and the Bank of England conducted monetary policy since the beginning of the financial crisis, in August 2007. We argue that both quantitative easing - and the other non-standard measures introduced by central banks that changed the composition of the asset side of their balance sheets (so-called "qualitative easing") - acted mainly through their effects on interest rates and, in particular, on money market spreads, rather than solely through "quantity effects" in terms of the money supply. We perform a quantitative exercise on the euro area which estimates the effect of the reduction of these spreads to the broader economy. |
| 主题 | International Macroeconomics |
| 关键词 | monetary policy Quantitative easing |
| URL | https://cepr.org/publications/dp7669 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536506 |
| 推荐引用方式 GB/T 7714 | Lucrezia Reichlin,Huw Pill,Michele Lenza. DP7669 Monetary policy in exceptional times. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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