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Perils of unconventional monetary policy

Abstract:

Unconventional monetary policy, by relaxing restrictions on the composition of the balance sheet of the central bank, compromises control over the stochastic path of inflation; or, in open economies, over the stochastic path of exchange rates. If the composition of the balance sheet is unrestricted then the path of inflation is indeterminate. This is the case under pure quantitative easing, where the target is the size of real money balances. In contrast, credit easing policies restrict the c...

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Publication status:
Published
Peer review status:
Peer reviewed

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Publisher copy:
10.1016/j.jedc.2018.01.036

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Institution:
University of Oxford
Division:
SSD
Department:
Economics
Oxford college:
St Hugh's College
Role:
Author
Publisher:
Elsevier
Journal:
Journal of Economic Dynamics and Control More from this journal
Volume:
93
Pages:
92-114
Publication date:
2018-03-03
Acceptance date:
2018-01-26
DOI:
EISSN:
1879-1743
ISSN:
0165-1889
Language:
English
Keywords:
Pubs id:
pubs:833242
UUID:
uuid:b7e4bfaf-a7f6-42c8-948a-c379cab63d04
Local pid:
pubs:833242
Source identifiers:
833242
Deposit date:
2018-04-04

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