{
  "title": "Monetary Policy in the New Normal",
  "publication": "Staff Discussion Notes, April 4, 2014",
  "sourceUrl": "https://www.imf.org/en/publications/staff-discussion-notes/issues/2016/12/31/monetary-policy-in-the-new-normal-41419",
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  "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 fram",
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    {
      "heading": "Authors and publication details",
      "content": "- Tamim Bayoumi, Giovanni Dell'Ariccia, Karl F Habermeier, Fabian Valencia\n- April 4, 2014\n- Staff Discussion Notes No. 2014/003"
    },
    {
      "heading": "Summary and scope",
      "content": "- The Staff Discussion Note (SDN) takes stock of the debate on the shape that monetary policy should take after the crisis.\n- Revisits the pros and cons of expanding the objectives of monetary policy.\n- Examines the merits of turning unconventional policies into conventional ones.\n- Considers how to make monetary policy frameworks more resilient to the risk of being constrained by the zero-lower bound going forward.\n- Analyses institutional challenges to preserve central bank independence with regards to monetary policy, while allowing adequate government oversight over central banks’ new responsibilities.\n- Will draw policy conclusions where consensus has been reached, and highlight the areas where more work is needed to get more granular policy advice."
    },
    {
      "heading": "Major themes and findings",
      "content": "- Expanding objectives of monetary policy:\n  - Reviews arguments for and against broadening central bank objectives beyond traditional inflation and output stabilization.\n- Unconventional to conventional policies:\n  - Assesses the merits of institutionalizing unconventional tools as part of regular policy toolkits.\n- Zero-lower bound resilience:\n  - Explores approaches to reduce the probability or impact of monetary policy being constrained by the zero-lower bound.\n- Institutional and governance challenges:\n  - Discusses preserving central bank independence in the context of new responsibilities.\n  - Considers mechanisms for adequate government oversight related to those new responsibilities.\n- Policy conclusions and gaps:\n  - Intends to draw policy conclusions where consensus exists.\n  - Identifies areas requiring further work for more granular policy advice."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Banking, Central bank policy rate, Financial sector stability, Inflation, Zero lower bound\n- Keywords: central bank, monetary policy, policy, policy rate, SDN"
    },
    {
      "heading": "Publication metadata and identifiers",
      "content": "- Pages: 49\n- Volume: 2014\n- Issue: 003\n- Series: Staff Discussion Notes No. 2014/003\n- DOI: https://doi.org/10.5089/9781475561784.006\n- Stock No: SDNEA2014003\n- ISBN: 9781475561784\n- ISSN: 2617-6750\n\nSource: IMF Staff Discussion Note \"Monetary Policy in the New Normal\" (April 4, 2014).\n\n---\n\n Content in this bundle\n\n- sdn1403\n  - sdn1403 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - sdn1403 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/staff-discussion-notes/issues/2016/12/31/monetary-policy-in-the-new-normal-41419"
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    "Authors: Tamim Bayoumi, Giovanni Dell'Ariccia, Karl F Habermeier, Fabian Valencia",
    "Published: April 4, 2014",
    "Series: Staff Discussion Notes",
    "DOI: https://doi.org/10.5089/9781475561784.006",
    "Tamim Bayoumi, Giovanni Dell'Ariccia, Karl F Habermeier, Fabian Valencia",
    "April 4, 2014",
    "Staff Discussion Notes No. 2014/003",
    "The Staff Discussion Note (SDN) takes stock of the debate on the shape that monetary policy should take after the crisis.",
    "Revisits the pros and cons of expanding the objectives of monetary policy.",
    "Examines the merits of turning unconventional policies into conventional ones.",
    "Considers how to make monetary policy frameworks more resilient to the risk of being constrained by the zero-lower bound going forward.",
    "Analyses institutional challenges to preserve central bank independence with regards to monetary policy, while allowing adequate government oversight over central banks’ new responsibilities.",
    "Will draw policy conclusions where consensus has been reached, and highlight the areas where more work is needed to get more granular policy advice.",
    "Expanding objectives of monetary policy:",
    "Unconventional to conventional policies:",
    "Zero-lower bound resilience:",
    "Institutional and governance challenges:",
    "Policy conclusions and gaps:",
    "Subject: Banking, Central bank policy rate, Financial sector stability, Inflation, Zero lower bound",
    "Keywords: central bank, monetary policy, policy, policy rate, SDN",
    "Pages: 49",
    "Volume: 2014",
    "Issue: 003",
    "Series: Staff Discussion Notes No. 2014/003",
    "DOI: https://doi.org/10.5089/9781475561784.006",
    "Stock No: SDNEA2014003",
    "ISBN: 9781475561784",
    "ISSN: 2617-6750",
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