Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/162666
Authors: 
Blinder, Alan
Ehrmann, Michael
de Haan, Jakob
Jansen, David-Jan
Year of Publication: 
2017
Series/Report no.: 
ECB Working Paper 2047
Abstract: 
We ask whether recent changes in monetary policy due to the financial crisis will be temporary or permanent. We present evidence from two surveys - one of central bank governors, the other of academic specialists. We find that central banks in crisis countries are more likely to have resorted to new policies, to have had discussions about mandates, and to have communicated more. But the thinking has changed more broadly - for instance, central banks in non-crisis countries also report having implemented macro-prudential measures. Overall, we expect central banks in the future to have broader mandates, use macro-prudential tools more widely, and communicate more actively than before the crisis. While there is no consensus yet about the usefulness of unconventional monetary policies, we expect most of them will remain in central banks' toolkits, as governors who gain experience with a particular tool are more likely to assess that tool positively.
Subjects: 
monetary policy
central banks
surveys
JEL: 
E52
E58
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-2769-7
Document Type: 
Working Paper

Files in This Item:
File
Size
988.97 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.