Monetary policy through asset markets: lessons from unconventional measures and implications for an integrated world

The global financial crisis of 2008 and its aftermath brought many new challenges for the world’s central banks. These new challenges have resulted, in turn, in bold experimentation—not just the vigorous application of traditional policy tools, but the use of new ones, or at least ones that were rar...

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Otros Autores:	Albagli, Elías
Formato:	Libro
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	POLÍTICA MONETARIA ESTABILIDAD ECONÓMICA MERCADO DE CAPITALES
Acceso en línea:	https://hdl.handle.net/20.500.12580/1631
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spelling	oai-20.500.12580-16312021-04-24T05:01:22Z Monetary policy through asset markets: lessons from unconventional measures and implications for an integrated world Albagli, Elías Saravia, Diego Woodford, Michael, 1955- POLÍTICA MONETARIA ESTABILIDAD ECONÓMICA MERCADO DE CAPITALES The global financial crisis of 2008 and its aftermath brought many new challenges for the world’s central banks. These new challenges have resulted, in turn, in bold experimentation—not just the vigorous application of traditional policy tools, but the use of new ones, or at least ones that were rarely resorted to in the decades leading to the crisis. Now that the most urgent stages of the crisis are in the past, the central banks of many countries need to take stock of the lessons learned during this period of experimentation. To what extent have we learned that, at least during times of crisis, the central bank’s toolkit should be bigger than the one that was regarded as sufficient during the years of the “Great Moderation”? To what extent have we learned the uses of additional tools that should become routine aspects of the conduct of monetary policy, even when the financial sector is not subject to unusual stress? What do we know about the effects of using these new tools, and what role should they play in the years to come? The nineteenth annual conference of the Central Bank of Chile conference series addresses these issues, bringing together a distinguished multinational group of scholars to discuss the latest research findings. The structure of the conference consists of three sessions, each addressing a different aspect of the new issues raised by the unconventional monetary policies of recent years. Monetary policy thorugh asset markets: lessons from unconventional measures and implications for an integrated world: an overview / Elias Albagli, Diego Saravia, Michael Woodford -- Forward guidance in hte yield curve: short rates versis bond supply / Robin Greenwood, Samuel G. Hanson, Dimitri Vayanos -- Bernanke's no-arbitrage argument revisited: can open market operations in real assets eliminate the liquidity trap? / Gauti B. Eggertsson, Kevin Proulx -- Measuring the effects of unconventional monetary policy on asset prices / Eric T. Swanson -- Risk premium shifts and monetary policy: a coordination approach / Stephen Morris and Hyun Song Shin -- Quantitative easing and financial stability / Michael Woodford -- Short-term interest rates and bank lending terms: evidence from a survey of U.S. loans / Giovanni Dell'Ariccia, Luc Laeven, Gustavo Suarea -- The response of sovereign bonds yields to U.S. monetary policy / Simon Gilchrist, Vivian Z. Yue, Egon Zakrajsek -- U.S. monetary spillovers to Latin America: the role of long-term interest rates / Elias Albagli, Danilo Leiva-Leon, Diego Saravia. 2019-11-01T00:07:46Z 2019-11-01T00:07:46Z 2016 Libro 978-956-7421-52-7 978-956-7421-53-4 (pdf) https://hdl.handle.net/20.500.12580/1631 eng Series on Central Banking, Analysis, and Economic Policies, no. 24 Serie Banca Central, análisis y políticas económicas, no. 24 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Documento Completo 307 p. application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	POLÍTICA MONETARIA ESTABILIDAD ECONÓMICA MERCADO DE CAPITALES
spellingShingle	POLÍTICA MONETARIA ESTABILIDAD ECONÓMICA MERCADO DE CAPITALES Monetary policy through asset markets: lessons from unconventional measures and implications for an integrated world
description	The global financial crisis of 2008 and its aftermath brought many new challenges for the world’s central banks. These new challenges have resulted, in turn, in bold experimentation—not just the vigorous application of traditional policy tools, but the use of new ones, or at least ones that were rarely resorted to in the decades leading to the crisis. Now that the most urgent stages of the crisis are in the past, the central banks of many countries need to take stock of the lessons learned during this period of experimentation. To what extent have we learned that, at least during times of crisis, the central bank’s toolkit should be bigger than the one that was regarded as sufficient during the years of the “Great Moderation”? To what extent have we learned the uses of additional tools that should become routine aspects of the conduct of monetary policy, even when the financial sector is not subject to unusual stress? What do we know about the effects of using these new tools, and what role should they play in the years to come? The nineteenth annual conference of the Central Bank of Chile conference series addresses these issues, bringing together a distinguished multinational group of scholars to discuss the latest research findings. The structure of the conference consists of three sessions, each addressing a different aspect of the new issues raised by the unconventional monetary policies of recent years.
author2	Albagli, Elías
author_facet	Albagli, Elías
format	Libro
title	Monetary policy through asset markets: lessons from unconventional measures and implications for an integrated world
title_short	Monetary policy through asset markets: lessons from unconventional measures and implications for an integrated world
title_full	Monetary policy through asset markets: lessons from unconventional measures and implications for an integrated world
title_fullStr	Monetary policy through asset markets: lessons from unconventional measures and implications for an integrated world
title_full_unstemmed	Monetary policy through asset markets: lessons from unconventional measures and implications for an integrated world
title_sort	monetary policy through asset markets: lessons from unconventional measures and implications for an integrated world
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/1631
_version_	1718346194423382016

Monetary policy through asset markets: lessons from unconventional measures and implications for an integrated world

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