Heterodox central banking

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"In response to the current global crisis, the U.S. Federal Reserve and other central banks around the world have implemented diverse policy measures, including purchasing a wide range of securities, lending to financial institutions, intervening in foreign exchange markets, and paying interest...

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Autores principales: Céspedes, Luis Felipe, Chang, Roberto, García Cicco, Javier
Otros Autores: Universidad Católica Argentina. Facultad de Ciencias Económicas. Departamento de Investigación "Francisco Valsecchi"
Formato: Parte de libro
Lenguaje:Inglés
Inglés
Publicado: Banco Central de Chile 2019
Materias:
POLITICA MONETARIA
POLITICA ECONOMICA
Acceso en línea:https://repositorio.uca.edu.ar/handle/123456789/2361
Aporte de:
Repositorio Institucional de la Universidad Católica Argentina (UCA) de Universidad Católica Argentina
id I33-R139-123456789-2361
record_format dspace
spelling I33-R139-123456789-23612024-03-21T11:00:25Z Heterodox central banking Céspedes, Luis Felipe Chang, Roberto García Cicco, Javier Universidad Católica Argentina. Facultad de Ciencias Económicas. Departamento de Investigación "Francisco Valsecchi" POLITICA MONETARIA POLITICA ECONOMICA "In response to the current global crisis, the U.S. Federal Reserve and other central banks around the world have implemented diverse policy measures, including purchasing a wide range of securities, lending to financial institutions, intervening in foreign exchange markets, and paying interest on reserves. Some central banks have also reduced monetary policy interest rates to minimum levels (reaching a lower bound) and have announced an explicit commitment to keep interest rates there for a prolonged period. This set of instruments contrasts with a conventional view—embedded in the predominant monetary policy models—in which a central bank controls only a short-term interest rate, such as the Federal Funds rate. Some of the previous actions may be classified as responses to increasing demand for liquidity in a context of enormous financial uncertainty. Examples of this liquidity provisioning by central banks are the repurchase operations initiated in many economies to provide U.S. dollar liquidity during the period surrounding the bankruptcy of Lehman Brothers. Other actions may be sorted into those attempting to deal with malfunctioning financial markets (insufficient lending to nonfinancial firms or high lending spreads) and those attempting to enhance the monetary policy stimulus under the lower-bound constraint..." 2019-05-13T17:12:59Z 2019-05-13T17:12:59Z 2011 Parte de libro Céspedes, L.F., Chang, R., García Cicco, J. Heterodox central banking [en línea]. En Céspedes, L.F., Chang, R., Saravia, D. (eds.) Monetary policy under financial turbulence. Central banking, analysis and economic policies book series, vol. 16. Santiago: Central Bank of Chile, 2011. Disponible en: https://repositorio.uca.edu.ar/handle/123456789/2361 978-956-7421-35-0 https://repositorio.uca.edu.ar/handle/123456789/2361 eng eng Acceso Abierto https://creativecommons.org/licenses/by-nc-sa/4.0/ application/pdf Banco Central de Chile Céspedes, L.F., Chang, R., García Cicco, J. Heterodox central banking. En Céspedes, L.F., Chang, R., Saravia, D. (eds.) Monetary policy under financial turbulence. Central banking, analysis and economic policies book series, vol. 16. Santiago: Central Bank of Chile, 2011
institution Universidad Católica Argentina
institution_str I-33
repository_str R-139
collection Repositorio Institucional de la Universidad Católica Argentina (UCA)
language Inglés
Inglés
topic POLITICA MONETARIA
POLITICA ECONOMICA
spellingShingle POLITICA MONETARIA
POLITICA ECONOMICA
Céspedes, Luis Felipe
Chang, Roberto
García Cicco, Javier
Heterodox central banking
topic_facet POLITICA MONETARIA
POLITICA ECONOMICA
description "In response to the current global crisis, the U.S. Federal Reserve and other central banks around the world have implemented diverse policy measures, including purchasing a wide range of securities, lending to financial institutions, intervening in foreign exchange markets, and paying interest on reserves. Some central banks have also reduced monetary policy interest rates to minimum levels (reaching a lower bound) and have announced an explicit commitment to keep interest rates there for a prolonged period. This set of instruments contrasts with a conventional view—embedded in the predominant monetary policy models—in which a central bank controls only a short-term interest rate, such as the Federal Funds rate. Some of the previous actions may be classified as responses to increasing demand for liquidity in a context of enormous financial uncertainty. Examples of this liquidity provisioning by central banks are the repurchase operations initiated in many economies to provide U.S. dollar liquidity during the period surrounding the bankruptcy of Lehman Brothers. Other actions may be sorted into those attempting to deal with malfunctioning financial markets (insufficient lending to nonfinancial firms or high lending spreads) and those attempting to enhance the monetary policy stimulus under the lower-bound constraint..."
author2 Universidad Católica Argentina. Facultad de Ciencias Económicas. Departamento de Investigación "Francisco Valsecchi"
author_facet Universidad Católica Argentina. Facultad de Ciencias Económicas. Departamento de Investigación "Francisco Valsecchi"
Céspedes, Luis Felipe
Chang, Roberto
García Cicco, Javier
format Parte de libro
author Céspedes, Luis Felipe
Chang, Roberto
García Cicco, Javier
author_sort Céspedes, Luis Felipe
title Heterodox central banking
title_short Heterodox central banking
title_full Heterodox central banking
title_fullStr Heterodox central banking
title_full_unstemmed Heterodox central banking
title_sort heterodox central banking
publisher Banco Central de Chile
publishDate 2019
url https://repositorio.uca.edu.ar/handle/123456789/2361
work_keys_str_mv AT cespedesluisfelipe heterodoxcentralbanking
AT changroberto heterodoxcentralbanking
AT garciaciccojavier heterodoxcentralbanking
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