| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15365 |
| DP15365 Monetary Policy in the Next Recession? | |
| Stephen Cecchetti; Michael Feroli; Anil Kashyap; Catherine L. Mann; Kim Schoenholtz | |
| 发表日期 | 2020-10-13 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | In many advanced countries, lowering the policy rate to zero probably will be insufficient to counter the next conventional recession. We explore a range of new monetary policy (NMP) tools including forward guidance, balance sheet tools and negative interest rates. Reflecting the complex transmission of monetary policy, we examine each NMP’s impact on financial conditions indexes (FCIs) in eight advanced economies. We find: (1) the global component of financial conditions is quite important; (2) state-contingent forward guidance is the tool most associated with improved conditions; (3) policymakers typically implemented NMPs during stress periods, and this endogenous usage pattern makes any econometric assessment difficult; (4) NMPs generally were not sufficient to overcome the headwinds already present. This leads us to conclude that, while central bankers should work to incorporate NMP tools into their reaction function, they should be humble about their likely effectiveness. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | monetary policy Stabilization policy Financial conditions Financial conditions index Unconventional monetary policy Quantitative easing Maturity extension Forward guidance Negative interest rates |
| URL | https://cepr.org/publications/dp15365 |
| 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/544347 |
| 推荐引用方式 GB/T 7714 | Stephen Cecchetti,Michael Feroli,Anil Kashyap,et al. DP15365 Monetary Policy in the Next Recession?. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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