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dc.contributor.authorChadha, Jagjit S.en
dc.contributor.authorHolly, Seanen
dc.date.accessioned2011-05-04-
dc.date.accessioned2011-10-21T16:53:02Z-
dc.date.available2011-10-21T16:53:02Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/50597-
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
dc.language.isoengen
dc.publisher|aUniversity of Kent, School of Economics |cCanterburyen
dc.relation.ispartofseries|aSchool of Economics Discussion Papers |x11,09en
dc.subject.jelE31en
dc.subject.jelE40en
dc.subject.jelE51en
dc.subject.ddc330en
dc.subject.keywordzero bounden
dc.subject.keywordopen-market operationsen
dc.subject.keywordquantitative easingen
dc.subject.keywordmonetary policyen
dc.titleNew instruments of monetary policy-
dc.typeWorking Paperen
dc.identifier.ppn657133949en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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