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Negative Interest Rate Policy (NIRP)

Negative Interest Rate Policy (NIRP) »

Source: Negative Interest Rate Policy (NIRP) : Implications for Monetary Transmission and Bank Profitability in the Euro Area

Volume/Issue: 2016/172

Series: IMF Working Papers

Author(s): Andreas Jobst , and Huidan Lin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 August 2016

ISBN: 9781475524475

Keywords: negative rates, NIRP, unconventional monetary policy, monetary transmission

More than two years ago the European Central Bank (ECB) adopted a negative interest rate policy (NIRP) to achieve its price stability objective. Negative interest rates have so far supported easier financial condit...

Spillovers from United States Monetary Policy on Emerging Markets

Spillovers from United States Monetary Policy on Emerging Markets »

Source: Spillovers from United States Monetary Policy on Emerging Markets : Different This Time?

Volume/Issue: 2014/240

Series: IMF Working Papers

Author(s): Jiaqian Chen , Tommaso Mancini Griffoli , and Ratna Sahay

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 December 2014

ISBN: 9781498380423

Keywords: monetary policy announcements, unconventional monetary policies, markets, market, emerging market economies, General, General, emerging markets.,

The impact of monetary policy in large advanced countries on emerging market economies-dubbed spillovers-is hotly debated in global and national policy circles. When the U.S. resorted to unconventional monetary pol...

The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies

The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies »

Source: The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies

Volume/Issue: 2015/18

Series: IMF Working Papers

Author(s): Sohrab Rafiq

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 January 2015

ISBN: 9781498334037

Keywords: unconventional monetary policy, interest rates, exchange rate, international monetary fund, Monetary Policy (Targets, Instruments, and Effects), Open Economy Macroeconomics,

This paper explores the effect of U.S. unconventional monetary policy (QE2) on a group of frontier developing economies (FDEs) in Asia. This paper finds that spillovers emanating from the U.S. on FDEs in Asia have...

Monetary Policy Coordination and the Role of Central Banks1

Monetary Policy Coordination and the Role of Central Banks1 »

Source: Monetary Policy Coordination and the Role of Central Banks

Volume/Issue: 2014/70

Series: IMF Working Papers

Author(s): Rakesh Mohan , and Muneesh Kapur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 April 2014

ISBN: 9781484362518

Keywords: coordination, unconventional monetary policy, monetary policies, monetary fund, central bank, Monetary Policy (Targets, Instruments, and Effects), International Monetary Arrangements and Institutions, International Policy Coordination and Transmission,

The unconventional monetary policies (UMPs) pursued by the advanced economies (AEs) have posed macroeconomic challenges for the emerging market economies (EMEs) through volatile capital flows and exchange rates. AE...

Panacea, Curse, or Nonevent? Unconventional Monetary Policy in the United Kingdom

Panacea, Curse, or Nonevent? Unconventional Monetary Policy in the United Kingdom »

Source: Panacea, Curse, or Nonevent? Unconventional Monetary Policy in the United Kingdom

Volume/Issue: 2009/163

Series: IMF Working Papers

Author(s): Andre Meier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2009

ISBN: 9781451873108

Keywords: Unconventional monetary policy, liquidity trap, zero bound, quantitative easing, central bank, bond,

The 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...

Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies

Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies »

Source: Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies

Volume/Issue: 2017/56

Series: IMF Working Papers

Author(s): Joseph Gagnon , Tamim Bayoumi , Juan Londono , Christian Saborowski , and Horacio Sapriza

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2017

ISBN: 9781475586237

Keywords: Foreign exchange intervention, current account balance, unconventional monetary policy, quantitative easing, General, General

This paper explores the effects of unconventional monetary and exchange rate policies. We find that official foreign asset purchases have large effects on current accounts that diminish as capital mobility rises an...

Should Unconventional Monetary Policies Become Conventional?*

Should Unconventional Monetary Policies Become Conventional?* »

Source: Should Unconventional Monetary Policies Become Conventional?

Volume/Issue: 2017/85

Series: IMF Working Papers

Author(s): Dominic Quint , and Pau Rabanal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 March 2017

ISBN: 9781475591330

Keywords: United States, Banking, Western Hemisphere, Unconventional Monetary Policy, Optimal Rules, Time-Series Models, Monetary Policy (Targets, Instruments, and Effects)

The large recession that followed the Global Financial Crisis of 2008-09 triggered unprecedented monetary policy easing around the world. Most central banks in advanced economies deployed new instruments to affect...

International Spillovers of Forward Guidance Shocks*

International Spillovers of Forward Guidance Shocks* »

Source: International Spillovers of Forward Guidance Shocks

Volume/Issue: 2018/114

Series: IMF Working Papers

Author(s): Callum Jones , Mariano Kulish , and Daniel Rees

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 May 2018

ISBN: 9781484353554

Keywords: Spillovers, Forward Guidance, Unconventional Monetary Policy, Zero Lower Bound, Monetary Policy (Targets, Instruments, and Effects), Open Economy Macroeconomics

After 2007, countries that cut their policy interest rates close to zero turned, among other policies, to forward guidance. We estimate a two-country model of the U.S. and Canada to quantify how unexpected changes...

Unconventional Policy Instruments in the New Keynesian Model

Unconventional Policy Instruments in the New Keynesian Model »

Source: Unconventional Policy Instruments in the New Keynesian Model

Volume/Issue: 2016/58

Series: IMF Working Papers

Author(s): Zineddine Alla , Raphael Espinoza , and Atish Ghosh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 March 2016

ISBN: 9781513573038

Keywords: Unconventional monetary policy, equilibrium indeterminacy, stabilization bias, inflationary bias, instrument, instruments, inflation, monetary policy, interest, Monetary Policy (Targets

This paper analyzes the use of unconventional policy instruments in New Keynesian setups in which the ‘divine coincidence' breaks down. The paper discusses the role of a second instrument and its coordination with...

Global Monetary Tightening

Global Monetary Tightening »

Source: Global Monetary Tightening : Emerging Markets Debt Dynamics and Fiscal Crises

Volume/Issue: 2014/215

Series: IMF Working Papers

Author(s): Julio Escolano , Christina Kolerus , and Constant Lonkeng Ngouana

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 December 2014

ISBN: 9781475584691

Keywords: Debt dynamics, sovereign debt crisis, unconventional, debt, bond, interest, Monetary Policy (Targets, Instruments, and Effects), International Lending and Debt Problems

This paper finds that tightening global financial conditions can worsen emerging economies' public debt dynamics through an increasing interest rate-growth differential, particularly if coupled with high global ris...