Unconventional monetary policies

This seminar will focus on unconventional monetary policies led by major central banks in recent years. In a context marked by low inflation and interest rates, central banks have resorted to unconventional monetary instruments such as forward guidance, very long-term refinancing operations and the large-scaled asset purchases. The seminar will present the economics of unconventional monetary policy and assess their impact on growth, inflation, and wealth, and distributional effectswith their distributional effects. It will also address implementation issues related to the management of the money market interest rates and the implementation of quantitative easing and credit easing.