PPT-Outside the Box: Unconventional Monetary Policy in the Great Recession and Beyond

Hutchins Center on Fiscal and Monetary Policy at Brookings October 17 2018 Ken Kuttner Williams College Prong 1 Quantitative Easing QE Four programs the three Large Scale Asset Purchases LSAPs plus the Maturity Extension Program MEP Collectively QE. BIS Papers No 78Highly accommodative monetary policies in the major advanced economies and questions about the exit from such policies have created major challenges for policymakers in emerging market (1929-1941). Housekeeping. Midterm on Wed October 9 11:35-12:50 pm . Law School Auditorium. (NOT Dunham Lab). TF office hours . Review sessions Mon and Tues night (see class web site).. Final questions?. BASED ON . LASSO. -ASSISTED VECTOR AUTOREGRESSION (LAVAR). Jiahan Li. Assistant professor of Statistics. University of Notre Dame. R/Finance 2012. Motivation. . Large models with many parameters. Large vector autoregressions. Written by: Peter Ireland. in the Journal of Money, Credit and Banking, Vol. 43. Tyler Halberg, Dylan Adler, and Kevin Reitz. Thesis. In terms of its macroeconomics, does the Great Recession of 2007-2009 really stand apart from its two immediate predecessors: the milder recessions of 1990-1991 and 2001?. Output, and Employment. Economic Fluctuations. -- The . Past 100 Years. Economic Fluctuations. – the Historical Record. Historically, the United States has experienced substantial swings in real output.. 27. Previously. The AD-AS model is a simplified view of the economy that helps us evaluate short-term fluctuations in real GDP and unemployment. The AD-AS model helps us understand the macroeconomic impacts of real-world changes and gives us an important tool to use in government policy analysis. unconventional monetary policy of the ECB: effectiveness versus . exhaustion”.  . António. . Mendonça. Professor of Economics. ISEG-Lisbon School of Economics & Management. Universidade. de . Was Brought to an EndJULY 27 2010Prepared ByAlan S BlinderGordon S Rentschler Memorial Professor of Economics Princeton University6092583358blinderprincetoneduMark ZandiChief Economist Moody146s Analy Unconventional monetary policy (UMP) – small open economy perspective. What do we know about deflation?. A few thoughts on the ‘new’ central banking paradigm. How much does increasing globalisation . Main Ideas. Under a fractional reserve system, banks are required to keep a portion of their total deposits in the form of legal reserves.. Banking with fractional reserves results in a monetary expansion process that increases the total money supply available to the public.. . Introduction. - Monetary policy is concerned with the changes in the supply of money and credit. It refers to the policy measures undertaken by the government or the central bank to influence the availability, cost and use of money and credit with the help of monetary techniques to achieve specific objectives. It aims to influence two major variables:. Ben Broadbent. Deputy Governor for Monetary Policy. Brookings, Washington DC. 17 October 2018. Three main conclusions. QE more powerful in periods of heightened financial . distress. . Yes. . . When markets operating smoothly liquidity & portfolio balance . Macro prudential . Policies: The Role of New Monetary Policy Rules. Dr. Nicholas . Apergis. University of Piraeus. Event: . ADFIMI International Development Forum Meeting. Doha 25/04/2016. Roadmap. ► The new banking environment: idiosyncratic... 1. 2. Since 2012 the economy has sunk into long-term stagnation. . GDP . growth rate, %. 2015: a turning point for macroeconomic. policy mix. 3. Before. . 2015 г.. 2015-2016. Direct stimulation of consumer expenses (through wage policy).