Monetary Policy after the Great Recession

Idioma: inglés

Editorial: Taylor and Francis Ltd, GB, 2022

0367621886 / 9780367621889

Serie: Libro 106 de 115 - Routledge International Studies in Money and Banking

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Walter Bagehot noticed once that "John Bull can stand many things, but he cannot stand two per cent." Well, for several years, he has had to stand interest rates well below that, in some countries even below zero. However, despite this sacrifice, the economic recovery from the Great Recession has been disappointingly weak. This book's aim is to answer this question. The central thesis of the book is that the standard understanding of the monetary transmission mechanism is flawed. That understanding adopts erroneous assumptions-such as, that low interest rates always stimulate economic growth by boosting the credit supply, investment, and consumption-and does not fully take into account several unintended channels of monetary policy, such as risk-taking, high level of debt, or zombification of the economy. In other words, the effectiveness of monetary policy is limited during economic downturns accompanied by the debt overhang and the balance sheet recession, and generates negative effects, which can make the policy counterproductive. The author provides a thorough analysis of the issues related to the interest rates in the conduct of monetary policy, such as the risk-taking channel of monetary policy, the portfolio-balance channel and the wealth effect, zombie firms in the economy, the misallocation of resources, as well as the neutral interest rate targeting and the difference between the neutral and natural interest rate and the negative interest rate policy.The book is written in an accessible and engaging manner and will be a valuable resource for scholars of monetary economics as well as readers interested in (unconventional) monetary policy.…

N° de ref. del artículo LU-9780367621889

Título
Monetary Policy after the Great Recession
Autor
Arkadiusz Sieron
Editorial
Taylor and Francis Ltd, GB
Año de publicación
2022
Estado
New
Encuadernación
Paperback
Idioma
inglés
ISBN 10
0367621886
ISBN 13
9780367621889
Peso del artículo
367 gramos
Serie
Libro 106 de 115: Routledge International Studies in Money and Banking

Rarewaves.com USA

London, London, Reino Unido

Vendedor de 5 estrellas

Vendedor de IberLibro desde 11 de junio de 2025

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