Arbeitspapier

Implementing monetary policy

During the past three years, central banks have faced challenges that few foresaw during the period known as the Great Moderation. During the crisis, central banks have responded with traditional interest rate tools, been forced to deal with the zero lower bound on nominal interest rates, and expanded the scope of their lender of last resort function. In addition, quantitative easing and credit easing policies have entered the toolkit of central banks. After briefly discussing the instruments of monetary policy and reviewing the performance of inflation targeting, I consider three suggested modifications to this policy framework. These are raising the average target for inflation, incorporating additional objectives, and switching to price level targeting.

Sprache
Englisch

Erschienen in
Series: Working Paper ; No. 10-16

Klassifikation
Wirtschaft
Thema
Inflation Targeting
Preisniveaustabilität
Lender of Last Resort
Kreditpolitik
Wirkungsanalyse
Finanzmarktkrise
USA
Welt

Ereignis
Geistige Schöpfung
(wer)
Walsh, Carl E.
Ereignis
Veröffentlichung
(wer)
University of California, Santa Cruz Institute for International Economics (SCIIE)
(wo)
Santa Cruz, CA
(wann)
2010

Handle
Letzte Aktualisierung
10.03.2025, 11:43 MEZ

Datenpartner

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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Walsh, Carl E.
  • University of California, Santa Cruz Institute for International Economics (SCIIE)

Entstanden

  • 2010

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