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dc.contributor.authorChadha, Jagjit S.en_US
dc.contributor.authorHolly, Seanen_US
dc.description.abstractWe assess recent developments in monetary policy practice following the financial crisis drawing on papers from a specially convened conference in March 2010. In particular, we consider why central banks throughout the world have injected substantial quantities of liquidity into the financial system and seen their balance sheets expand to multiples of GDP. We outline the rationale for balance sheet operations: (i) portfolio balance of the non-bank financial sector; (ii) an offset for the zero bound; (iii) signalling mechanism about medium term inflation expectations and (iv) the alleviation of the government's budget constraint. We briefly outline the recent experience with QE and draw a distinction between liquidity and macroeconomic stabilisation operations.en_US
dc.publisherUniv. of Kent, School of Economics Canterburyen_US
dc.relation.ispartofseriesSchool of Economics discussion papers 11,09en_US
dc.subject.keywordzero bounden_US
dc.subject.keywordopen-market operationsen_US
dc.subject.keywordquantitative easingen_US
dc.subject.keywordmonetary policyen_US
dc.titleNew instruments of monetary policyen_US
dc.typeWorking Paperen_US
Appears in Collections:School of Economics Discussion Papers, University of Kent

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