Journal Article

More Stories of Unconventional Monetary Policy

Abstract: This article extends the work of Fawley and Neely (2013) to describe how major central banks have evolved unconventional monetary policies to encourage real activity and maintain stable inflation rates from 2013 through 2019. By 2013, central banks were moving from lump-sum asset purchase programs to open-ended asset purchase programs, which are conditioned on economic conditions, careful communication strategies, bank lending programs with incentives, and negative interest rates. This article reviews how central banks tailored their unconventional monetary methods to their various challenges and the structures of their respective economies.

Keywords: monetary policy; central banks;

JEL Classification: E51; E58; E61; G12;

Access Documents

File(s): File format is application/pdf
Description: Issue Full Text


Bibliographic Information

Provider: Federal Reserve Bank of St. Louis

Part of Series: Review

Publication Date: 2021-04-15

Volume: 103

Issue: 2

Pages: 207-270