Monetary policy at the zero lower bound: the Chilean experience

The global financial crisis that started in 2008 dramatically changed the analysis and implementation of monetary policy worldwide. Central banks were at the center of the stage during that time implementing both conventional and unconventional policies. Not only were monetary policy rates drastical...

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Autores principales:	Céspedes, Luis Felipe, García-Cicco, Javier, Saravia, Diego
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	POLÍTICA MONETARIA CRISIS FINANCIERA CRISIS ECONÓMICA 2008 BANCOS CENTRALES
Acceso en línea:	https://hdl.handle.net/20.500.12580/3812
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id	oai-20.500.12580-3812
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spelling	oai-20.500.12580-38122021-04-24T11:08:54Z Monetary policy at the zero lower bound: the Chilean experience Céspedes, Luis Felipe García-Cicco, Javier Saravia, Diego POLÍTICA MONETARIA CRISIS FINANCIERA CRISIS ECONÓMICA 2008 BANCOS CENTRALES The global financial crisis that started in 2008 dramatically changed the analysis and implementation of monetary policy worldwide. Central banks were at the center of the stage during that time implementing both conventional and unconventional policies. Not only were monetary policy rates drastically reduced but also diverse policy measures were implemented: purchases of a wide range of financial assets lending to financial institutions intervening exchange rate markets and paying interest on reserves. Given that these policies challenged the conventional view embedded in the predominant monetary policy model within which central banks control only a short-term interest rate it is most important to understand how these policies have worked and to what extent they were successful. 2019-11-01T00:06:11Z 2019-11-01T00:06:11Z 2014 Artículo 978-956-7421-45-9 https://hdl.handle.net/20.500.12580/3812 eng Series on Central Banking Analysis and Economic Policies no. 19 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 427-460 application/pdf CHILE Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	POLÍTICA MONETARIA CRISIS FINANCIERA CRISIS ECONÓMICA 2008 BANCOS CENTRALES
spellingShingle	POLÍTICA MONETARIA CRISIS FINANCIERA CRISIS ECONÓMICA 2008 BANCOS CENTRALES Céspedes, Luis Felipe García-Cicco, Javier Saravia, Diego Monetary policy at the zero lower bound: the Chilean experience
description	The global financial crisis that started in 2008 dramatically changed the analysis and implementation of monetary policy worldwide. Central banks were at the center of the stage during that time implementing both conventional and unconventional policies. Not only were monetary policy rates drastically reduced but also diverse policy measures were implemented: purchases of a wide range of financial assets lending to financial institutions intervening exchange rate markets and paying interest on reserves. Given that these policies challenged the conventional view embedded in the predominant monetary policy model within which central banks control only a short-term interest rate it is most important to understand how these policies have worked and to what extent they were successful.
format	Artículo
author	Céspedes, Luis Felipe García-Cicco, Javier Saravia, Diego
author_facet	Céspedes, Luis Felipe García-Cicco, Javier Saravia, Diego
author_sort	Céspedes, Luis Felipe
title	Monetary policy at the zero lower bound: the Chilean experience
title_short	Monetary policy at the zero lower bound: the Chilean experience
title_full	Monetary policy at the zero lower bound: the Chilean experience
title_fullStr	Monetary policy at the zero lower bound: the Chilean experience
title_full_unstemmed	Monetary policy at the zero lower bound: the Chilean experience
title_sort	monetary policy at the zero lower bound: the chilean experience
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3812
work_keys_str_mv	AT cespedesluisfelipe monetarypolicyatthezerolowerboundthechileanexperience AT garciaciccojavier monetarypolicyatthezerolowerboundthechileanexperience AT saraviadiego monetarypolicyatthezerolowerboundthechileanexperience
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Monetary policy at the zero lower bound: the Chilean experience

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