Dell’Ariccia G., Rabanal P. and SandriWednesday D., (2018), “Unconventional monetary policies in the euro area, Japan, and the United Kingdom”, Hutchins Center Working Paper #48, 17 Οκτωβρίου
Ιn response to the global financial crisis of 2008, the central banks of the euro area, Japan, and the United Kingdom deployed a variety of unconventional monetary policies in an effort to support distressed financial markets and slowing economies. In a new Hutchins Center Working Paper, a version of which is forthcoming in the Journal of Economic Perspectives, Giovanni Dell’Ariccia, Pau Rabanal, and Damiano Sandri of the International Monetary Fund examine the effects of negative interest rates, forward guidance, and large-scale asset purchases. They argue the policies helped relieve financial distress, lower long-term interest rates, and support economic activity in all three regions.
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