Browsing by Subject "zero lower bond"

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  • Granziera, Eleonora; Haavio, Markus; Juselius, Mikael; Kortelainen, Mika; Vilmi, Lauri (2018)
    Bank of Finland. Bulletin 1/2018
    In the aftermath of the global financial crisis many central banks cut their policy rates close to zero or even below and introduced non-standard monetary policy measures. The financial crisis and the European debt crisis that followed demonstrated the importance of the linkages between financial markets and the real economy. In this article we survey the open issues in economic research posed by limits on how low central banks are able to cut policy rates, and the unconventional measures, especially forward guidance and large scale asset purchase programmes.