Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/98159
Authors: 
Issing, Otmar
Year of Publication: 
2014
Series/Report no.: 
White Paper Series 15
Abstract: 
In the wake of the Global Financial Crisis that started in 2007, policymakers were forced to respond quickly and forcefully to a recession caused not by short-term factors, but rather by an over-accumulation of debt by sovereigns, banks, and households: a so-called balance sheet recession. Though the nature of the crisis was understood relatively early on, policy prescriptions for how to deal with its consequences have continued to diverge. This paper gives a short overview of the prescriptions, the remaining challenges and key lessons for monetary policy.
Subjects: 
recession
monetary policy
balance sheet adjustment
Document Type: 
Working Paper

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