Panacea, Curse, or Nonevent? Unconventional Monetary Policy in the United Kingdom

The Bank of England's current ""quantitative easing"" strategy has given rise to a controversial debate about the effects and risks of unconventional monetary policy. The present paper makes two contributions to this debate. First, it provides a systematic overview of unconventional policy options, drawing from existing theoretical and empirical studies. Against this backdrop, it then analyzes the BoE's specific policies, discussing their effectiveness so far and putting them into a cross-country context. Tentative evidence on the BoE's quantitative easing is moderately encouraging, although t

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Year of publication:	2009
Authors:	Meier, André
Publisher:	Washington : International Monetary Fund
Subject:	Geldpolitik \| Monetary policy \| Großbritannien \| United Kingdom

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Extent:	Online-Ressource (49 p)
Series:	IMF Working Papers IMF working paper ; WP/09/163
Type of publication:	Book / Working Paper
Language:	English
Notes:	Description based upon print version of record Table of Contents; I. Introduction; Figure 1: Interest Rates and Central Bank Balance Sheets, 2008-09; II. Rationale for Unconventional Monetary Policy; III. Scope for Unconventional Operations; A. Theoretical Benchmark: Skepticism about Effectiveness; B. Two General Objections to the Skeptics' View; IV. Specific Policy Options; A. Announcement to Keep Short-Term Rates Low for an Extended Period; B. Fixed-rate Refinancing Operations with Extended Maturity; C. Asset Purchases; Qualitative easing; Quantitative easing; Box 1: Do Explicit Asset Price Targets Provide a Foolproof Solution? V. Risks and Mitigation StrategiesA. Uncertainty About the Right Dosage, Timing, and Exit; B. Financial Risks; C. Political Risks; D. Appropriate Risk Mitigation; VI. Unconventional Monetary Policy in the United Kingdom; VII. Gauging the Effectiveness of Unconventional Policies; A. Methodological Issues; B. Tentative Evidence; VIII. Comparison with Other Advanced Country Central Banks; A. Type of Unconventional Operations; Communication about future policy rates; Longer-term fixed-rate refinancing operations; Asset purchases; B. Size and Scope of Asset Purchases; C. Approaches to Risk IX. ConclusionReferences
ISBN:	978-1-4518-7310-8 ; 978-1-4519-1738-3 ; 978-1-4518-7310-8
Source:	ECONIS - Online Catalogue of the ZBW

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