More Stories of Unconventional Monetary Policy

RePEc Short ID: pne3
ORCID iD: 0000-0003-2852-9419

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 continuing 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; quantitative easing; central banks; long-term yield;

JEL Classification: E51; E58; E61; G12;

https://doi.org/10.20955/wp.2020.043

Status: Forthcoming in Federal Reserve Bank of St. Louis Review