## Unconventional Monetary Policies - Recent Experiences and Prospects - Background Paper

_Policy Papers, April 18, 2013_

## Source details

**Canonical URL:** [Unconventional Monetary Policies - Recent Experiences and Prospects - Background Paper](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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## Bibliographic details
- Published: April 18, 2013
- Series: Policy Papers

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### Scope and purpose
- 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.

### Section A — Effectiveness of bond purchase programs
- Focus: Whether bond purchase programs were effective at decreasing bond yields.
- Analytical aim: Identify the channels through which bond purchases affected yields.

### Section B — Effects on real growth and inflation
- 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).

### Section C — Spillovers to other economies
- 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.

### Section D — Inflation and public debt dynamics
- 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.

### Section E — Risks of exit
- 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.

### Subject tags and themes
- 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 Experiences and Prospects - Background Paper (April 18, 2013).*

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_Source: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/unconventional-monetary-policies-recent-experiences-and-prospects-background-paper-pp4765_