Measuring the effects of unconventional monetary policy on asset prices

Measuring the effects of unconventional monetary policy on asset prices

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On 16 December 2008 the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) lowered the federal funds rate—its traditional monetary policy instrument—to essentially zero in response to the most severe U.S. financial crisis since the Great Depression. Because U.S. currency carries an interest...

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Autor principal: Swanson, Eric T.
Formato: Artículo
Lenguaje:eng
Publicado: Banco Central de Chile 2019
Materias:
POLÍTICA MONETARIA
PRECIOS
TASAS DE INTERÉS
Acceso en línea:https://hdl.handle.net/20.500.12580/3850
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spelling oai-20.500.12580-38502021-04-24T11:12:40Z Measuring the effects of unconventional monetary policy on asset prices Swanson, Eric T. POLÍTICA MONETARIA PRECIOS TASAS DE INTERÉS On 16 December 2008 the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) lowered the federal funds rate—its traditional monetary policy instrument—to essentially zero in response to the most severe U.S. financial crisis since the Great Depression. Because U.S. currency carries an interest rate of zero it is essentially impossible for the FOMC to target a value for the federal funds rate that is substantially less than zero. Faced with this zero lower bound (ZLB) constraint the FOMC subsequently began to pursue alternative 'unconventional' monetary policies with particular emphasis on forward guidance and large-scale asset purchases (defined below). In this paper I propose a new method to identify and estimate the effects of these two main types of unconventional monetary policy. 2019-11-01T00:07:32Z 2019-11-01T00:07:32Z 2016 Artículo 978-956-7421-52-7 https://hdl.handle.net/20.500.12580/3850 eng Series on Central Banking Analysis and Economic Policies no. 24 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 105-130 application/pdf ESTADOS UNIDOS Banco Central de Chile
institution Banco Central
collection Banco Central
language eng
topic POLÍTICA MONETARIA
PRECIOS
TASAS DE INTERÉS
spellingShingle POLÍTICA MONETARIA
PRECIOS
TASAS DE INTERÉS
Swanson, Eric T.
Measuring the effects of unconventional monetary policy on asset prices
description On 16 December 2008 the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) lowered the federal funds rate—its traditional monetary policy instrument—to essentially zero in response to the most severe U.S. financial crisis since the Great Depression. Because U.S. currency carries an interest rate of zero it is essentially impossible for the FOMC to target a value for the federal funds rate that is substantially less than zero. Faced with this zero lower bound (ZLB) constraint the FOMC subsequently began to pursue alternative 'unconventional' monetary policies with particular emphasis on forward guidance and large-scale asset purchases (defined below). In this paper I propose a new method to identify and estimate the effects of these two main types of unconventional monetary policy.
format Artículo
author Swanson, Eric T.
author_facet Swanson, Eric T.
author_sort Swanson, Eric T.
title Measuring the effects of unconventional monetary policy on asset prices
title_short Measuring the effects of unconventional monetary policy on asset prices
title_full Measuring the effects of unconventional monetary policy on asset prices
title_fullStr Measuring the effects of unconventional monetary policy on asset prices
title_full_unstemmed Measuring the effects of unconventional monetary policy on asset prices
title_sort measuring the effects of unconventional monetary policy on asset prices
publisher Banco Central de Chile
publishDate 2019
url https://hdl.handle.net/20.500.12580/3850
work_keys_str_mv AT swansonerict measuringtheeffectsofunconventionalmonetarypolicyonassetprices
_version_ 1718346631811694592

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