Central Bank liquidity management and “unconventional” monetary policies

Autores
García Cicco, Javier; Kawamura, Enrique; García Cicco, Javier
Año de publicación
2014
Idioma
español castellano
Tipo de recurso
documento de trabajo
Estado
versión publicada
Descripción
Fil: García-Cicco, Javier. Pontificia Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía Francisco Valsecchi; Argentina
Fil: Kawamura, Enrique. Pontificia Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía Francisco Valsecchi; Argentina
Abstract: This paper presents a small open economy model to analyze the role of central bank liquidity management in implementing “unconventional” monetary policies within an inflation targeting framework. In particular, the paper explicitly models the facilities that the central bank uses to manage liquidity in the economy, which creates a role for the central bank balance sheet in equilibrium. This permits the analysis of two “unconventional” policies: sterilized exchange-rate interventions and expanding the list of eligible collaterals accepted at the liquidity facilities operated by the central bank. These policies have been recently implemented by several central banks: the former as a way to counteract persistent appreciations in the domestic currency, and the latter as a response to the recent global financial crisis in 2008. As a case study, the paper provides a detailed account of the Chilean experience with these alternative tools, as well as a quantitative evaluation of the effects of some of these policies
Fuente
Documento de Trabajo nº 47, 2014
Materia
POLITICA MONETARIA
BALANCE
BANCO CENTRAL
POLITICA ECONOMICA
Nivel de accesibilidad
acceso abierto
Condiciones de uso
https://creativecommons.org/licenses/by-nc-sa/4.0/
Repositorio
Repositorio Institucional (UCA)
Institución
Pontificia Universidad Católica Argentina
OAI Identificador
oai:ucacris:123456789/2224
Acceder
id RIUCA_9830663873190308965a81d6e8c53405
oai_identifier_str oai:ucacris:123456789/2224
network_acronym_str RIUCA
repository_id_str 2585
network_name_str Repositorio Institucional (UCA)
spelling Central Bank liquidity management and “unconventional” monetary policiesGarcía Cicco, JavierKawamura, EnriqueGarcía Cicco, JavierPOLITICA MONETARIABALANCEBANCO CENTRALPOLITICA ECONOMICAFil: García-Cicco, Javier. Pontificia Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía Francisco Valsecchi; ArgentinaFil: Kawamura, Enrique. Pontificia Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía Francisco Valsecchi; ArgentinaAbstract: This paper presents a small open economy model to analyze the role of central bank liquidity management in implementing “unconventional” monetary policies within an inflation targeting framework. In particular, the paper explicitly models the facilities that the central bank uses to manage liquidity in the economy, which creates a role for the central bank balance sheet in equilibrium. This permits the analysis of two “unconventional” policies: sterilized exchange-rate interventions and expanding the list of eligible collaterals accepted at the liquidity facilities operated by the central bank. These policies have been recently implemented by several central banks: the former as a way to counteract persistent appreciations in the domestic currency, and the latter as a response to the recent global financial crisis in 2008. As a case study, the paper provides a detailed account of the Chilean experience with these alternative tools, as well as a quantitative evaluation of the effects of some of these policiesUniversidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía "Francisco Valsecchi"2014info:eu-repo/semantics/workingPaperinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_8042info:ar-repo/semantics/documentoDeTrabajoapplication/pdfhttps://repositorio.uca.edu.ar/handle/123456789/2224García Cicco, J., Kawamura, E. (2014, septiembre). Central Bank liquidity management and “unconventional” monetary policies [en línea] Documento de trabajo No. 47 de la Escuela de Economía “Francisco Valsecchi”. Facultad de Ciencias Económicas. Universidad Católica Argentina. Disponible en: https://repositorio.uca.edu.ar/handle/123456789/2224Documento de Trabajo nº 47, 2014reponame:Repositorio Institucional (UCA)instname:Pontificia Universidad Católica ArgentinaspaengCHILEinfo:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by-nc-sa/4.0/2025-07-03T10:55:27Zoai:ucacris:123456789/2224instacron:UCAInstitucionalhttps://repositorio.uca.edu.ar/Universidad privadaNo correspondehttps://repositorio.uca.edu.ar/oaiclaudia_fernandez@uca.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:25852025-07-03 10:55:27.45Repositorio Institucional (UCA) - Pontificia Universidad Católica Argentinafalse
dc.title.none.fl_str_mv Central Bank liquidity management and “unconventional” monetary policies
title Central Bank liquidity management and “unconventional” monetary policies
spellingShingle Central Bank liquidity management and “unconventional” monetary policies
García Cicco, Javier
POLITICA MONETARIA
BALANCE
BANCO CENTRAL
POLITICA ECONOMICA
title_short Central Bank liquidity management and “unconventional” monetary policies
title_full Central Bank liquidity management and “unconventional” monetary policies
title_fullStr Central Bank liquidity management and “unconventional” monetary policies
title_full_unstemmed Central Bank liquidity management and “unconventional” monetary policies
title_sort Central Bank liquidity management and “unconventional” monetary policies
dc.creator.none.fl_str_mv García Cicco, Javier
Kawamura, Enrique
García Cicco, Javier
author García Cicco, Javier
author_facet García Cicco, Javier
Kawamura, Enrique
author_role author
author2 Kawamura, Enrique
author2_role author
dc.contributor.none.fl_str_mv Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía "Francisco Valsecchi"
dc.subject.none.fl_str_mv POLITICA MONETARIA
BALANCE
BANCO CENTRAL
POLITICA ECONOMICA
topic POLITICA MONETARIA
BALANCE
BANCO CENTRAL
POLITICA ECONOMICA
dc.description.none.fl_txt_mv Fil: García-Cicco, Javier. Pontificia Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía Francisco Valsecchi; Argentina
Fil: Kawamura, Enrique. Pontificia Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía Francisco Valsecchi; Argentina
Abstract: This paper presents a small open economy model to analyze the role of central bank liquidity management in implementing “unconventional” monetary policies within an inflation targeting framework. In particular, the paper explicitly models the facilities that the central bank uses to manage liquidity in the economy, which creates a role for the central bank balance sheet in equilibrium. This permits the analysis of two “unconventional” policies: sterilized exchange-rate interventions and expanding the list of eligible collaterals accepted at the liquidity facilities operated by the central bank. These policies have been recently implemented by several central banks: the former as a way to counteract persistent appreciations in the domestic currency, and the latter as a response to the recent global financial crisis in 2008. As a case study, the paper provides a detailed account of the Chilean experience with these alternative tools, as well as a quantitative evaluation of the effects of some of these policies
description Fil: García-Cicco, Javier. Pontificia Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía Francisco Valsecchi; Argentina
publishDate 2014
dc.date.none.fl_str_mv 2014
dc.type.none.fl_str_mv info:eu-repo/semantics/workingPaper
info:eu-repo/semantics/publishedVersion
http://purl.org/coar/resource_type/c_8042
info:ar-repo/semantics/documentoDeTrabajo
format workingPaper
status_str publishedVersion
dc.identifier.none.fl_str_mv https://repositorio.uca.edu.ar/handle/123456789/2224
García Cicco, J., Kawamura, E. (2014, septiembre). Central Bank liquidity management and “unconventional” monetary policies [en línea] Documento de trabajo No. 47 de la Escuela de Economía “Francisco Valsecchi”. Facultad de Ciencias Económicas. Universidad Católica Argentina. Disponible en: https://repositorio.uca.edu.ar/handle/123456789/2224
url https://repositorio.uca.edu.ar/handle/123456789/2224
identifier_str_mv García Cicco, J., Kawamura, E. (2014, septiembre). Central Bank liquidity management and “unconventional” monetary policies [en línea] Documento de trabajo No. 47 de la Escuela de Economía “Francisco Valsecchi”. Facultad de Ciencias Económicas. Universidad Católica Argentina. Disponible en: https://repositorio.uca.edu.ar/handle/123456789/2224
dc.language.none.fl_str_mv spa
eng
language spa
eng
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
https://creativecommons.org/licenses/by-nc-sa/4.0/
eu_rights_str_mv openAccess
rights_invalid_str_mv https://creativecommons.org/licenses/by-nc-sa/4.0/
dc.format.none.fl_str_mv application/pdf
dc.coverage.none.fl_str_mv CHILE
dc.source.none.fl_str_mv Documento de Trabajo nº 47, 2014
reponame:Repositorio Institucional (UCA)
instname:Pontificia Universidad Católica Argentina
reponame_str Repositorio Institucional (UCA)
collection Repositorio Institucional (UCA)
instname_str Pontificia Universidad Católica Argentina
repository.name.fl_str_mv Repositorio Institucional (UCA) - Pontificia Universidad Católica Argentina
repository.mail.fl_str_mv claudia_fernandez@uca.edu.ar
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score 13.13397

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