Interest rates, prices and liquidity : lessons from the financial crisis

ed. by Jagjit S. Chadha ...

"We assess recent developments in monetary policy practice following the financial crisis drawing on papers from a specially convened conference in March 2010. In particular, we consider why central banks throughout the world have injected substantial quantitites of liquidity into the financial system and seen their balance sheets expand to multiples of GDP. We outline the theoretical rationale for balance sheet operations: (i) portfolio balance of the non-bank financial sector; (ii) an offset for the zero bound; (iii) signalling mechanism about medium term in.ation expectations and (iv) the alleviation of the government's budget constraint. We briefly outline the recent experience with QE and draw a distinction between liquidity and macroeconomic stabilisation operations"--

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Year of publication:	2012
Other Persons:	Chadha, Jagjit (ed.)
Publisher:	Cambridge [u.a.] : Cambridge Univ. Press
Subject:	Finanzkrise \| Financial crisis \| Geldpolitik \| Monetary policy \| Zinsstruktur \| Yield curve \| Bankenliquidität \| Bank liquidity \| Liquidität \| Liquidity \| Tobins Q \| Tobin's Q \| Dynamisches Gleichgewicht \| Dynamic equilibrium \| Welt \| World \| Notenbankpolitik \| 1979-2009
Description of contents:	Table of Contents [gbv.de] ; Description [assets.cambridge.org]

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Extent:	XI, 280 S. graph. Darst. 23 cm
Series:	Macroeconomic policy making
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Konferenzschrift ; Sammelwerk ; Collection of articles of several authors ; Conference proceedings
Language:	English
Notes:	Papers presented at a conference held in Cambridge, England in Mar. 2010 Enth. 11 Beitr. Machine generated contents note: 1. New instruments of monetary policy Jagjit S. Chadha and Sean Holly; 2. Liquidity and monetary policy Douglas Gale; 3. Interest rate policies and the stability of banking systems Hans Gersbach and Jan Wenzelberger; 4. Handling liquidity shocks: QE and Tobin's q Marcus Miller and John Driffill; 5. Asset purchase policies and portfolio effects: a DSGE analysis Richard Harrison; 6. Financial intermediaries in an estimated DSGE model for the UK Stefania Villa and Jing Yang; 7. Unconventional monetary policy, central bank balance sheets and long term forward rates Sharon Kozicki, Eric Santor and Lena Suchanek; 8. Non-standard monetary policy measures and monetary developments Domenico Giannone, Michele Lenza, Huw Pill and Lucrezia Reichlin; 9. Quantitative easing: one year on Spencer Dale; 10. What saved the banks: unconventional monetary or fiscal policy? Mike Wickens; 11. Non-conventional monetary policies: three views from the DSGE literature Evren Caglar, Jack Meaning, Alex Waters, James Warren and Jagjit Chadha.
ISBN:	978-1-107-01473-2 ; 1-107-01473-5 ; 978-1-139-15790-2
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10009356617