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Why So Low for So Long? A Long-Term View of Real Interest Rates
Borio, Claudio E. V. - 2017
real interest rates are driven by variations in desired saving and investment. But based on data stretching back to 1870 … for 19 countries, our systematic analysis casts doubt on this view. The link between real interest rates and saving-investment … countries that dominate global monetary and financial conditions rather than common movements in global saving and investment …
Persistent link: https://www.econbiz.de/10012941033
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Monetary Policy in the Grip of a Pincer Movement
Borio, Claudio E. V. - 2018
Monetary policy has been in the grip of a pincer movement, caught between growing financial cycles, on the one hand, and an inflation process that has become quite insensitive to domestic slack, on the other. This two-pronged attack has laid bare some of the limitations of prevailing monetary...
Persistent link: https://www.econbiz.de/10012926156
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Unconventional Monetary Policies : An Appraisal
Borio, Claudio E. V. - 2009
The recent global financial crisis has led central banks to rely heavily on "unconventional" monetary policies. This alternative approach to policy has generated much discussion and a heated and at times confusing debate. The debate has been complicated by the use of different definitions and...
Persistent link: https://www.econbiz.de/10013153793
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What Anchors for the Natural Rate of Interest?
Borio, Claudio E. V. - 2019
The paper takes a critical look at the conceptual and empirical underpinnings of prevailing explanations for low real (inflation-adjusted) interest rates over long horizons and finds them incomplete. The role of monetary policy, and its interaction with the financial cycle in particular, deserve...
Persistent link: https://www.econbiz.de/10012889751
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On the Global Impact of Risk-off Shocks and Policy-put Frameworks
Caballero, Ricardo J. - 2019
Global risk-off shocks can be highly destabilizing for financial markets and, absent an adequate policy response, may trigger severe recessions. Policy responses were more complex for developed economies with very low interest rates after the Global Financial Crisis (GFC). We document, however,...
Persistent link: https://www.econbiz.de/10012890990
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Monetary Policy and Financial Spillovers : Losing Traction?
Disyatat, Piti - 2015
Has financial globalisation compromised central banks' ability to manage domestic financial conditions? This paper tackles this question by studying the dynamics of bond yields encompassing 31 advanced and emerging market economies. To gauge the extent to which external financial conditions...
Persistent link: https://www.econbiz.de/10013014247
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Unconventional Monetary Policies : A Re-Appraisal
Borio, Claudio E. V. - 2016
We explore the effectiveness and balance of benefits and costs of so-called "unconventional" monetary policy measures extensively implemented in the wake of the financial crisis: balance sheet policies (commonly termed "quantitative easing"), forward guidance and negative policy rates. Our...
Persistent link: https://www.econbiz.de/10012986632
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Monetary Policy, the Financial Cycle and Ultra-Low Interest Rates
Juselius, Mikael - 2016
Do the prevailing unusually and persistently low real interest rates reflect a decline in the natural rate of interest as commonly thought? We argue that this is only part of the story. The critical role of financial factors in influencing medium-term economic fluctuations must also be taken...
Persistent link: https://www.econbiz.de/10012986636
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Monetary Policy Implementation : Misconceptions and Their Consequences
Disyatat, Piti - 2013
Despite constituting the very heart of the monetary transmission mechanism, widespread misconceptions still exist regarding how monetary policy is implemented. This paper highlights the key misconceptions in this regard and shows how they have compromised the understanding of important aspects...
Persistent link: https://www.econbiz.de/10012710838
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The International Monetary and Financial System : Its Achilles Heel and What to Do About it
Borio, Claudio E. V. - 2015
This essay argues that the Achilles heel of the international monetary and financial system is that it amplifies the "excess financial elasticity" of domestic policy regimes, ie it exacerbates their inability to prevent the build-up of financial imbalances, or outsize financial cycles, that lead...
Persistent link: https://www.econbiz.de/10013032507