بررسی تطبیقی سیاست پولی متعارف در مقابل نامتعارف

Mirjalili, Seyed hossein (2017): بررسی تطبیقی سیاست پولی متعارف در مقابل نامتعارف. Published in: Journal of Iranian Economic Issues , Vol. 3, No. 2 (8 September 2017): pp. 111-125.

Abstract

The policy interest rate was the main instrument of monetary policy of major central banks during the period of the World War II to the early 2000s. In the 2000s and with the onset of the financial crisis, the policy interest rate fell to zero lower bound and conventional monetary policy instrument was not relevant. Hence, major central banks used unconventional instruments of monetary policy through quantitative easing and credit facilities, endogenous facilities, intervention in the foreign exchange market and changing bank reserves. Channels of the transmission of monetary policy were through signaling and portfolio balance. The post-crisis period and with the normalization of economic conditions, the major central banks planned to return to conventional monetary policy.

• Item Type: MPRA Paper
• English Title: Conventional vs. Unconventional Monetary Policy;A Comparative Study
• Language: Persian
• Keywords: monetary policy unconventional quantitative easing transmission mechanism credit facility
• Subjects: E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E42 - Monetary Systems ; Standards ; Regimes ; Government and the Monetary System ; Payment Systems; E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E58 - Central Banks and Their Policies

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