Monetary policy at the zero lower bound : the chilean experience

• Autores: Céspedes, Luis Felipe; García Cicco, Javier; Saravia, Diego
• Año de publicación: 2014
• Idioma: inglés
• Tipo de recurso: parte de libro
• Fuente: Céspedes, L.F., García Cicco, J., Saravia, D. Monetary policy at the zero lower bound : the chilean experience. En Bauducco, S., Christiano, L., Raddatz, C. (eds.). Macroeconomic and financial stability : challenges for monetary policy. Central banking, analysis and economic policies book series ; vol. 19, Santiago de Chile: Central Bank of Chile, 2014
• Materia: POLITICA ECONOMICA; POLITICA MONETARIA; ECONOMIA CHILENA
• Institución: Pontificia Universidad Católica Argentina

Fil: Céspedes, Luis Felipe. Pontificia Universidad Católica de Chile; Chile
Fil: Céspedes, Luis Felipe. Banco Central de Chile; Chile
Fil: García Cicco, Javier. Universidad de San Andrés. Departamento de Economía; Argentina
"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..."