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Lael Brainard: Unconventional monetary policy and cross-border spillovers
| Content Provider | Semantic Scholar |
|---|---|
| Author | Brainard, Lael S. |
| Copyright Year | 2015 |
| Abstract | Among students of central banking, the Great Recession will be remembered in part for the monetary policy innovation it prompted. Since 2008, we have seen several episodes of extreme financial conditions in major economies. In many countries, monetary policy has shouldered a large share of the policy response. Debt-deleveraging dynamics and disinflationary pressures have confronted policymakers in several economies with the classic challenge of providing accommodation when constrained by the zero lower bound. In contrast to the Great Depression, a number of central banks have found the “courage to act,” which has led to important policy innovation. While it will take many years for rigorous research to distill the lessons from this period, I will offer a few preliminary observations.1 |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | https://www.bis.org/review/r151110d.pdf |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
