{
  "title": "Unconventional Monetary Policies - Recent Experiences and Prospects - Background Paper",
  "publication": "Policy Papers, April 18, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/unconventional-monetary-policies-recent-experiences-and-prospects-background-paper-pp4765",
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  "summary": "This paper provides background information to the main Board paper, “The Role and Limits of Unconventional Monetary Policy.” This paper is divided in five distinct sections, each focused on a different topic covered in the main paper, though most relate to bond purchase programs.",
  "sections": [
    {
      "heading": "Scope and purpose",
      "content": "- Provides background information to the main Board paper, “The Role and Limits of Unconventional Monetary Policy.”\n- Divided into five distinct sections, each focused on topics in the main paper, with most sections relating to bond purchase programs.\n- Centers on the experience of the United States Federal Reserve (Fed), the Bank of England (BOE) and the Bank of Japan (BOJ).\n- Largely leaves the European Central Bank (ECB) aside given its focus on restoring the functioning of financial markets and intermediation.\n- Publication date: April 18, 2013."
    },
    {
      "heading": "Section A — Effectiveness of bond purchase programs",
      "content": "- Focus: Whether bond purchase programs were effective at decreasing bond yields.\n- Analytical aim: Identify the channels through which bond purchases affected yields."
    },
    {
      "heading": "Section B — Effects on real growth and inflation",
      "content": "- Focus: Whether bond purchase programs had—or can be expected to have—significant effects on real growth and inflation.\n- Analytical aim: Move beyond yield effects to macroeconomic outcomes (real growth, inflation)."
    },
    {
      "heading": "Section C — Spillovers to other economies",
      "content": "- Focus: Spillover effects of bond purchases on both advanced and emerging market economies.\n- Methodology: Uses methods similar to those introduced in Section A to evaluate cross-border effects."
    },
    {
      "heading": "Section D — Inflation and public debt dynamics",
      "content": "- Focus: How inflation might decrease the debt burden in advanced economies.\n- Context: Considers potential pressures that could fall (or be perceived to fall) on central banks."
    },
    {
      "heading": "Section E — Risks of exit",
      "content": "- Focus: Possible risks of exiting unconventional policies given very large central bank balance sheets.\n- Analytical aim: Discuss challenges associated with normalization and balance sheet reduction."
    },
    {
      "heading": "Subject tags and themes",
      "content": "- Background papers\n- Bonds\n- Capital markets\n- Central banks\n- Economic growth\n- European Central Bank\n- Inflation\n- Japan\n- Monetary policy\n- Spillovers\n- United Kingdom\n- United States\n\nUnconventional Monetary Policies - Recent Experiences and Prospects - Background Paper (April 18, 2013).\n\n---\n\n Content in this bundle\n\n- Unconventional Monetary Policies--Recent Experience and Prospects--Background Paper; April 18, 2013\n  - Unconventional Monetary Policies--Recent Experience and Prospects--Background Paper; April 18, 2013 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Unconventional Monetary Policies--Recent Experience and Prospects--Background Paper; April 18, 2013 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/unconventional-monetary-policies-recent-experiences-and-prospects-background-paper-pp4765"
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    "Published: April 18, 2013",
    "Series: Policy Papers",
    "Provides background information to the main Board paper, “The Role and Limits of Unconventional Monetary Policy.”",
    "Divided into five distinct sections, each focused on topics in the main paper, with most sections relating to bond purchase programs.",
    "Centers on the experience of the United States Federal Reserve (Fed), the Bank of England (BOE) and the Bank of Japan (BOJ).",
    "Largely leaves the European Central Bank (ECB) aside given its focus on restoring the functioning of financial markets and intermediation.",
    "Publication date: April 18, 2013.",
    "Focus: Whether bond purchase programs were effective at decreasing bond yields.",
    "Analytical aim: Identify the channels through which bond purchases affected yields.",
    "Focus: Whether bond purchase programs had—or can be expected to have—significant effects on real growth and inflation.",
    "Analytical aim: Move beyond yield effects to macroeconomic outcomes (real growth, inflation).",
    "Focus: Spillover effects of bond purchases on both advanced and emerging market economies.",
    "Methodology: Uses methods similar to those introduced in Section A to evaluate cross-border effects.",
    "Focus: How inflation might decrease the debt burden in advanced economies.",
    "Context: Considers potential pressures that could fall (or be perceived to fall) on central banks.",
    "Focus: Possible risks of exiting unconventional policies given very large central bank balance sheets.",
    "Analytical aim: Discuss challenges associated with normalization and balance sheet reduction.",
    "Background papers",
    "Bonds",
    "Capital markets",
    "Central banks",
    "Economic growth",
    "European Central Bank",
    "Inflation",
    "Japan",
    "Monetary policy",
    "Spillovers",
    "United Kingdom",
    "United States",
    "**Unconventional Monetary Policies--Recent Experience and Prospects--Background Paper; April 18, 2013**"
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