05483oam 22011414 450 991078823010332120230721045731.01-4623-3962-X1-4527-8033-11-4518-7310-797866128437611-282-84376-1(CKB)3170000000055317(EBL)1608392(SSID)ssj0000943006(PQKBManifestationID)11528415(PQKBTitleCode)TC0000943006(PQKBWorkID)10975305(PQKB)10801045(OCoLC)649743572(MiAaPQ)EBC1608392(IMF)WPIEE2009163(EXLCZ)99317000000005531720020129d2009 uf 0engur|n|---|||||txtccrPanacea, Curse, or Nonevent? Unconventional Monetary Policy in the United Kingdom /Andre MeierWashington, D.C. :International Monetary Fund,2009.1 online resource (49 p.)IMF Working Papers"August 2009."1-4519-1738-4 Table of Contents; I. Introduction; Figure 1: Interest Rates and Central Bank Balance Sheets, 2008-09; II. Rationale for Unconventional Monetary Policy; III. Scope for Unconventional Operations; A. Theoretical Benchmark: Skepticism about Effectiveness; B. Two General Objections to the Skeptics' View; IV. Specific Policy Options; A. Announcement to Keep Short-Term Rates Low for an Extended Period; B. Fixed-rate Refinancing Operations with Extended Maturity; C. Asset Purchases; Qualitative easing; Quantitative easing; Box 1: Do Explicit Asset Price Targets Provide a Foolproof Solution?V. Risks and Mitigation StrategiesA. Uncertainty About the Right Dosage, Timing, and Exit; B. Financial Risks; C. Political Risks; D. Appropriate Risk Mitigation; VI. Unconventional Monetary Policy in the United Kingdom; VII. Gauging the Effectiveness of Unconventional Policies; A. Methodological Issues; B. Tentative Evidence; VIII. Comparison with Other Advanced Country Central Banks; A. Type of Unconventional Operations; Communication about future policy rates; Longer-term fixed-rate refinancing operations; Asset purchases; B. Size and Scope of Asset Purchases; C. Approaches to RiskIX. ConclusionReferencesThe Bank of England's current "quantitative easing" strategy has given rise to a controversial debate about the effects and risks of unconventional monetary policy. The present paper makes two contributions to this debate. First, it provides a systematic overview of unconventional policy options, drawing from existing theoretical and empirical studies. Against this backdrop, it then analyzes the BoE's specific policies, discussing their effectiveness so far and putting them into a cross-country context. Tentative evidence on the BoE's quantitative easing is moderately encouraging, although the strategy is neither guaranteed to succeed nor as perilous as some of its detractors claim.IMF Working Papers; Working Paper ;No. 2009/163Banks and banking, CentralGreat BritainMonetary policyGreat BritainBanks and BankingimfInflationimfMoney and Monetary PolicyimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfMonetary PolicyimfInterest Rates: Determination, Term Structure, and EffectsimfPrice LevelimfDeflationimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfBankingimfMonetary economicsimfMacroeconomicsimfUnconventional monetary policiesimfCentral bank policy rateimfMonetary baseimfBanks and bankingimfMonetary policyimfInterest ratesimfPricesimfMoney supplyimfUnited KingdomimfBanks and banking, CentralMonetary policyBanks and BankingInflationMoney and Monetary PolicyBanksDepository InstitutionsMicro Finance InstitutionsMortgagesMonetary PolicyInterest Rates: Determination, Term Structure, and EffectsPrice LevelDeflationMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralBankingMonetary economicsMacroeconomicsUnconventional monetary policiesCentral bank policy rateMonetary baseBanks and bankingMonetary policyInterest ratesPricesMoney supplyMeier Andre862014International Monetary Fund.European Dept.DcWaIMFBOOK9910788230103321Panacea, Curse, or Nonevent? Unconventional Monetary Policy in the United Kingdom3704130UNINA