LEADER 05523oam 22011774 450 001 9910828556103321 005 20200520144314.0 010 $a1-4623-3962-X 010 $a1-4527-8033-1 010 $a1-4518-7310-7 010 $a9786612843761 010 $a1-282-84376-1 035 $a(CKB)3170000000055317 035 $a(EBL)1608392 035 $a(SSID)ssj0000943006 035 $a(PQKBManifestationID)11528415 035 $a(PQKBTitleCode)TC0000943006 035 $a(PQKBWorkID)10975305 035 $a(PQKB)10801045 035 $a(OCoLC)649743572 035 $a(MiAaPQ)EBC1608392 035 $a(IMF)WPIEE2009163 035 $a(IMF)WPIEA2009163 035 $a(EXLCZ)993170000000055317 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aPanacea, Curse, or Nonevent? Unconventional Monetary Policy in the United Kingdom /$fAndre Meier 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (49 p.) 225 1 $aIMF Working Papers 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 3 $aThe Bank of England's current "quantitative easing" strategy has given rise to a controversial debate about the effects and risks of unconventional monetary policy. The present paper makes two contributions to this debate. First, it provides a systematic overview of unconventional policy options, drawing from existing theoretical and empirical studies. Against this backdrop, it then analyzes the BoE's specific policies, discussing their effectiveness so far and putting them into a cross-country context. Tentative evidence on the BoE's quantitative easing is moderately encouraging, although the strategy is neither guaranteed to succeed nor as perilous as some of its detractors claim. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/163 606 $aBanks and banking, Central$zGreat Britain 606 $aMonetary policy$zGreat Britain 606 $aBanking$2imf 606 $aBanks and Banking$2imf 606 $aBanks and banking$2imf 606 $aBanks$2imf 606 $aCentral bank policy rate$2imf 606 $aDeflation$2imf 606 $aDepository Institutions$2imf 606 $aInflation$2imf 606 $aInterest rates$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aMacroeconomics$2imf 606 $aMicro Finance Institutions$2imf 606 $aMonetary base$2imf 606 $aMonetary economics$2imf 606 $aMonetary Policy$2imf 606 $aMonetary policy$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aMoney and Monetary Policy$2imf 606 $aMoney supply$2imf 606 $aMortgages$2imf 606 $aPrice Level$2imf 606 $aPrices$2imf 606 $aUnconventional monetary policies$2imf 607 $aUnited Kingdom$2imf 615 0$aBanks and banking, Central 615 0$aMonetary policy 615 7$aBanking 615 7$aBanks and Banking 615 7$aBanks and banking 615 7$aBanks 615 7$aCentral bank policy rate 615 7$aDeflation 615 7$aDepository Institutions 615 7$aInflation 615 7$aInterest rates 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aMacroeconomics 615 7$aMicro Finance Institutions 615 7$aMonetary base 615 7$aMonetary economics 615 7$aMonetary Policy 615 7$aMonetary policy 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aMoney and Monetary Policy 615 7$aMoney supply 615 7$aMortgages 615 7$aPrice Level 615 7$aPrices 615 7$aUnconventional monetary policies 676 $a332.1;332.11;332.110941 700 $aMeier$b Andre$0862014 712 02$aInternational Monetary Fund.$bEuropean Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910828556103321 996 $aPanacea, curse, or nonevent$94186524 997 $aUNINA