Central Bank liquidity management and “unconventional” monetary policies

Mostrar todas las versiones(2)

Abstract: This paper presents a small open economy model to analyze the role of central bank liquidity management in implementing “unconventional” monetary policies within an inflation targeting framework. In particular, the paper explicitly models the facilities that the central bank uses to manage...

Descripción completa

Guardado en:
Detalles Bibliográficos
Autores principales: García-Cicco, Javier, Kawamura, Enrique
Otros Autores: Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía "Francisco Valsecchi"
Formato: Documento de trabajo
Lenguaje:Español
Inglés
Publicado: 2019
Materias:
POLITICA MONETARIA
BALANCE
BANCO CENTRAL
POLITICA ECONOMICA
Acceso en línea:https://repositorio.uca.edu.ar/handle/123456789/2224
Aporte de:
Repositorio Institucional de la Universidad Católica Argentina (UCA) de Universidad Católica Argentina
id I33-R139123456789-2224
record_format dspace
institution Universidad Católica Argentina
institution_str I-33
repository_str R-139
collection Repositorio Institucional de la Universidad Católica Argentina (UCA)
language Español
Inglés
topic POLITICA MONETARIA
BALANCE
BANCO CENTRAL
POLITICA ECONOMICA
spellingShingle POLITICA MONETARIA
BALANCE
BANCO CENTRAL
POLITICA ECONOMICA
García-Cicco, Javier
Kawamura, Enrique
Central Bank liquidity management and “unconventional” monetary policies
topic_facet POLITICA MONETARIA
BALANCE
BANCO CENTRAL
POLITICA ECONOMICA
description Abstract: This paper presents a small open economy model to analyze the role of central bank liquidity management in implementing “unconventional” monetary policies within an inflation targeting framework. In particular, the paper explicitly models the facilities that the central bank uses to manage liquidity in the economy, which creates a role for the central bank balance sheet in equilibrium. This permits the analysis of two “unconventional” policies: sterilized exchange-rate interventions and expanding the list of eligible collaterals accepted at the liquidity facilities operated by the central bank. These policies have been recently implemented by several central banks: the former as a way to counteract persistent appreciations in the domestic currency, and the latter as a response to the recent global financial crisis in 2008. As a case study, the paper provides a detailed account of the Chilean experience with these alternative tools, as well as a quantitative evaluation of the effects of some of these policies
author2 Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía "Francisco Valsecchi"
author_facet Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía "Francisco Valsecchi"
García-Cicco, Javier
Kawamura, Enrique
format Documento de trabajo
author García-Cicco, Javier
Kawamura, Enrique
author_sort García-Cicco, Javier
title Central Bank liquidity management and “unconventional” monetary policies
title_short Central Bank liquidity management and “unconventional” monetary policies
title_full Central Bank liquidity management and “unconventional” monetary policies
title_fullStr Central Bank liquidity management and “unconventional” monetary policies
title_full_unstemmed Central Bank liquidity management and “unconventional” monetary policies
title_sort central bank liquidity management and “unconventional” monetary policies
publishDate 2019
url https://repositorio.uca.edu.ar/handle/123456789/2224
work_keys_str_mv AT garciaciccojavier centralbankliquiditymanagementandunconventionalmonetarypolicies
AT kawamuraenrique centralbankliquiditymanagementandunconventionalmonetarypolicies
bdutipo_str Repositorios
_version_ 1764820526179549186

Ejemplares similares