Post-crisis monetary policy modelling

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Title: Post-crisis monetary policy modelling
Author: Granziera, Eleonora ; Haavio, Markus ; Juselius, Mikael ; Kortelainen, Mika ; Vilmi, Lauri
Organization: Bank of Finland
Series: Bank of Finland. Bulletin
Series volume: 92
Series number: 1/2018
Year of publication: 2018
Publication date: 27.4.2018
Pages: 57-72
Subject (yso): rahapolitiikka; viestintä; rahoitus; rahoitusmarkkinat; makrotalous
Keywords: ennakoiva viestintä; mallit; määrällinen keventäminen; rahoituksen välitys
Other keywords: forward guidance; quantitative easing; zero lower bond; financial frictions; macro models
Abstract: 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.

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