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Library | Item Barcode | Call Number | Material Type | Item Category 1 | Status |
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Searching... | 30000010297579 | HG1621 I58 2012 | Open Access Book | Book | Searching... |
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Summary
Summary
Many of the assumptions that underpin mainstream macroeconomic models have been challenged as a result of the traumatic events of the recent financial crisis. Thus, until recently, it was widely agreed that although the stock of money had a role to play, in practice it could be ignored as long as we used short-term nominal interest rates as the instrument of policy because money and other credit markets would clear at the given policy rate. However, very early on in the financial crisis interest rates effectively hit zero percent and so central banks had to resort to a wholly new set of largely untested instruments to restore order, including quantitative easing and the purchase of toxic financial assets. This book brings together contributions from economists working in academia, financial markets and central banks to assess the effectiveness of these policy instruments and explore what lessons have so far been learned.
Author Notes
Jagjit S. Chadha is Professor of Economics, University of Kent, Canterbury.
Sean Holly is Professional Fellow at Fitzwilliam College and Director of Research at the Faculty of Economics, University of Cambridge.
Table of Contents
List of figures | p. vii |
List of tables | p. ix |
List of contributors | p. x |
1 New instruments of monetary policy | p. 1 |
2 Liquidity and monetary policy | p. 32 |
3 Interest rate policies and stability of banking systems | p. 71 |
4 Handling liquidity shocks: QE and Tobin's q | p. 108 |
5 Asset purchase policies and portfolio balance effects: a DSGE analysis | p. 117 |
6 Financial intermediaries in an estimated DSGE model for the UK | p. 144 |
7 Central bank balance sheets and long-term forward rates | p. 172 |
8 Non-standard monetary policy measures and monetary developments | p. 195 |
9 QE - one year on | p. 222 |
10 What saved the banks: unconventional monetary or fiscal policy? | p. 233 |
11 Non-conventional monetary policies: QE and the DSGE literature | p. 240 |
Index | p. 274 |