Monetary Policy in the New Normal

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

April 4, 2014

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Tamim Bayoumi, Giovanni Dell'Ariccia, Karl F Habermeier, Tommaso Mancini Griffoli, and Fabian Valencia. Monetary Policy in the New Normal, (USA: International Monetary Fund, 2014) accessed September 18, 2024

Disclaimer: This Staff Discussion Note represents the views of the authors and does not necessarily represent IMF views or IMF policy. The views expressed herein should be attributed to the authors and not to the IMF, its Executive Board, or its management. Staff Discussion Notes are published to elicit comments and to further debate.

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.

Subject: Banking, Central bank policy rate, Financial sector stability, Inflation, Zero lower bound

Keywords: Central bank, Monetary policy, Policy, Policy rate, SDN

Publication Details

Pages:

49
Volume:

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DOI:

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Issue:

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Series:

Staff Discussion Notes No. 2014/003
Stock No:

SDNEA2014003
ISBN:

9781475561784
ISSN:

2617-6750

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