Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/203062
Authors: 
Guerini, Mattia
Lamperti, Francesco
Mazzocchetti, Andrea
Year of Publication: 
2018
Series/Report no.: 
LEM Working Paper Series 2018/09
Abstract: 
In this paper we discuss some of the monetary policy issues that have involved major central banks worldwide since the 2008 financial crisis, and which remain open. We provide an excursus of the unconventional monetary policies adopted by central banks in the last decade, focusing on the European Central Bank and the Federal Reserve, and we discuss the rationale and efficacy of some unconventional monetary instruments, of inflation targeting and of central bank independence. We also provide a perspective on possible future developments of monetary policy. We argue that while unconventional monetary policy was useful, there is still ample space for improvement: in the recessions to come, unconventional monetary policy will need to be better coordinated with fiscal, micro- and macro-prudential policies to provide more inclusive results the might positively affect the real economy beyond the financial system.
Subjects: 
unconventional monetary policy
inflation targeting
central bank independence
JEL: 
E51
E52
E58
E61
Document Type: 
Working Paper

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