| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20128 |
| 来源ID | Working Paper 20128 |
| Has the Financial Crisis Permanently Changed the Practice of Monetary Policy? Has It Changed the Theory of Monetary Policy? | |
| Benjamin M. Friedman | |
| 发表日期 | 2014-05-15 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | I argue in this paper that one of the two forms of hitherto unconventional monetary policy that many central banks have implemented in response to the 2007 financial crisis - large-scale asset purchases, or to put the matter more generically, use of the central bank's balance sheet as a distinct tool of monetary policy - is likely to become part of the standard toolkit of monetary policymaking in normal times as well. As intended, these purchases have lowered long-term interest rates relative to short-term rates, and lowered interest rates on more-risky compared to less-risky obligations. Moreover, their introduction fills a conceptual vacuum that has long stood at the heart of monetary policy analysis and implementation. |
| 主题 | Macroeconomics ; Monetary Policy |
| URL | https://www.nber.org/papers/w20128 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577802 |
| 推荐引用方式 GB/T 7714 | Benjamin M. Friedman. Has the Financial Crisis Permanently Changed the Practice of Monetary Policy? Has It Changed the Theory of Monetary Policy?. 2014. |
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