Does the crisis experience call for a new paradigm in monetary policy?

Bericht

This paper shows that the monetary policy paradigm that was in place before the financial crisis worked very well and that the crisis occurred only after policy makers deviated from that paradigm. The paper also evaluates monetary policy during the financial crisis by dividing the crisis into three periods: pre-panic, panic and post-panic. It shows that the extraordinary measures did not work well in the pre-panic or the post-panic periods; instead they helped bring on the panic, even though they may have some positive impact during the panic. The implication of the paper is that the crisis does not call for a new paradigm for monetary policy.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: CASE Network Studies & Analyses ; No. 402

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Interest Rates: Determination, Term Structure, and Effects ; Monetary Policy ; Central Banks and Their Policies ; Financial Crises
• Thema: Financial crisis ; monetary policy rule ; Taylor rule ; quantitative easing ; Geldpolitik ; Regelbindung versus Diskretion ; Taylor-Regel ; Finanzkrise ; USA

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Taylor, John B.
• Ereignis: Veröffentlichung
• (wer): Center for Social and Economic Research (CASE)
• (wo): Warsaw
• (wann): 2010

Weitere Informationen

• Handle: http://hdl.handle.net/10419/128211
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ