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Keywords:Central banking 

Journal Article
Unconventional Monetary Policy and International Interest Rate Spillovers

After the 2008 global financial crisis, advanced economies turned to unconventional monetary policies to provide additional monetary stimulus while short-term interest rates were constrained by their effective lower bound. However, the speed of economic recovery differed markedly among these economies, leading to differences in the timing and intensity of unconventional monetary policies across central banks. These differences may have generated “spillover effects” that undermined policy tightening in the United States after 2015.Karlye Dilts Stedman assesses whether monetary policies ...
Economic Review , Volume 105 , Issue no.2 , Pages 47-60

Conference Paper
Designing Resilient Monetary Policy Frameworks for the Future : Economic Policy Symposium, Jackson Hole, Wyoming, August 25-27, 2016

Proceedings - Economic Policy Symposium - Jackson Hole

Briefing
Motives Matter: Examining Potential Tension in Central Bank Digital Currency Designs

As a new central bank liability, central bank digital currency (CBDC) has the potential to address various issues within current payments and financial systems. The motivation behind a CBDC will determine how it is designed; a CBDC designed to achieve one goal, such as broader financial inclusion, may have difficulty achieving other objectives.
Payments System Research Briefing

Briefing
How Did We Get Here? From Observing Private Currencies to Exploring Central Bank Digital Currency

The emergence of private digital currencies has inspired discussion over the possibility of central bank-issued digital currencies. While privately issued currencies are not new, the rise of digital currencies has highlighted both concerns and opportunities for central banks.
Payments System Research Briefing

Working Paper
“Unconventional” Monetary Policy as Conventional Monetary Policy : A Perspective from the U.S. in the 1920s

To implement monetary policy in the 1920s, the Federal Reserve utilized administered interest rates and conducted open market operations in both government securities and private money market securities, sometimes in fairly considerable amounts. We show how the Fed was able to effectively use these tools to influence conditions in money markets, even those in which it was not an active participant. Moreover, our results suggest that the transmission of monetary policy to money markets occurred not just through changing the supply of reserves but importantly through financial market arbitrage ...
Finance and Economics Discussion Series , Paper 2018-019

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