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135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aPanacea, curse, or nonevent?$b[electronic resource] $eunconventional monetary policy in the United Kingdom /$fprepared by Andre? Meier
210   $a[Washington, D.C.] $cInternational Monetary Fund, European Dept.$d2009
215   $a1 online resource (49 p.)
225 1 $aIMF working paper ;$vWP/09/163
300   $a"August 2009."
311   $a1-4519-1738-4 
327   $aTable 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?
327   $aV. 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 Risk
327   $aIX. ConclusionReferences
330   $aThe Bank of England's current ""quantitative easing"" strategy has given rise to a controversial debate about the effects and risks of unconventional monetary policy. The present paper makes two contributions to this debate. First, it provides a systematic overview of unconventional policy options, drawing from existing theoretical and empirical studies. Against this backdrop, it then analyzes the BoE's specific policies, discussing their effectiveness so far and putting them into a cross-country context. Tentative evidence on the BoE's quantitative easing is moderately encouraging, although t
410  0$aIMF working paper ;$vWP/09/163.
606   $aBanks and banking, Central$zGreat Britain
606   $aMonetary policy$zGreat Britain
608   $aElectronic books.
615  0$aBanks and banking, Central
615  0$aMonetary policy
700   $aMeier$b Andre$0862014
712 02$aInternational Monetary Fund.$bEuropean Dept.
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910464010003321
996   $aPanacea, curse, or nonevent$91924034
997   $aUNINA