Monetary policy at the zero lower bound : the chilean experience

"The global financial crisis that started in 2008 dramatically changed the analysis and implementation of monetary policy worldwide. Central banks were at the center of the stage during that time, implementing both conventional and unconventional policies. Not only were monetary policy rates drastically reduced, but also diverse policy measures were implemented: purchases of a wide range of financial assets, lending to financial institutions, intervening exchange rate markets and paying interest on reserves. Given that these policies challenged the conventional view embedded in the predominant monetary policy model, within which central banks control only a short-term interest rate, it is most important to understand how these policies have worked, and to what extent they were successful..."

Bibliographic Details

Main Authors:	Céspedes, Luis Felipe, García Cicco, Javier, Saravia, Diego
Other Authors:	Universidad Católica Argentina. Facultad de Ciencias Económicas. Departamento de Investigación "Francisco Valsecchi"
Format:	Parte de libro biblioteca
Language:	eng eng
Published:	Banco Central de Chile 2014
Subjects:	POLITICA ECONOMICA, POLITICA MONETARIA, ECONOMIA CHILENA,
Online Access:	https://repositorio.uca.edu.ar/handle/123456789/2363
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