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Barbara Teixeira Araujo

Macroeconomic analysis and forecast

Monetary Policy

Estelle de Beaucé

International Macroeconomics Development Economics

 

Paul Raso

Macroeconomics

Public Policy

Section 1 - Unconventional Monetary Policies

With economies having reached the zero lower constraint since 2009 (IMF, 2009), lower nominal interest rates are expected to become structural. Therefore the secular stagnation paradigm (Summers, 2014) calls for new monetary instruments a.k.a Unconventional Monetary Policies (UMPs) to boost aggregate demand and maintain financial stability.

 

Section 2 - Managing Financial Instability

While paying more attention to the interlinkages between monetary, financial and real spheres, Central Bankers recognize financial accelerator effects where asset prices and credit market conditions amplify the (in)effectiveness of monetary transmission channels to the real economy.

 

Section 3 - Monetary Coordination
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Blossoming late-cycle financial risks in advanced countries raise concerns about global liquidity stop-and-go processes (Caruana, 2013) that could ultimately harm emerging markets. The question of monetary coordination becomes even more crucial to deal with counterproductive spillovers due to trade and financial linkages.

Killer Charts
The art of monetary policy at first glance !
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