Monetary Policy in the New Normal

Author/Editor:

Fabian Valencia ; Giovanni Dell'Ariccia ; Karl F Habermeier ; Tamim Bayoumi ; Tommaso Mancini Griffoli

Publication Date:

April 4, 2014

Electronic Access:

Free Full text (PDF file size is 1648 KB).Use the free Adobe Acrobat Reader to view this PDF file

Summary:

The proposed SDN would take stock of the current debate on the shape that monetary policy should take after the crisis. It revisits the pros and cons of expanding the objectives of monetary policy, the merits of turning unconventional policies into conventional ones, how to make monetary policy frameworks more resilient to the risk of being constrained by the zero-lower bound going forward, and the institutional challenges to preserve central bank independence with regards to monetary policy, while allowing adequate government oversight over central banks’ new responsibilities. It will draw policy conclusions where consensus has been reached, and highlight the areas where more work is needed to get more granular policy advice.

Series:

Staff Discussion Notes No. 14/3

Subject:

English

Publication Date:

April 4, 2014

ISBN/ISSN:

9781475561784/2221-030X

Stock No:

SDNEA2014003

Price:

$10.00 (Academic Rate:$10.00)

Format:

Paper

Pages:

49

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