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TRANSMISSION MECHANISM OF THE FEDERAL RESERVE SYSTEM’S MONETARY POLICY IN THE CONDITIONS OF ZERO BOUND ON NOMINAL INTEREST RATES

100%
Brózda D.
Equilibrium. Quarterly Journal of Economics and Economic Policy
|
2016
|
vol. 11
|
issue 4
751-767
EN
The experience of Japan from the 90s of the twentieth century and the recent global financial crisis has shown that the zero lower bound problem has ceased to be a theoretical curiosity and became the subject of intense scientific discussion. This issue is closely linked with John Maynard Keynes’s liquidity trap. The phenomenon of the zero lower bound is very controversial. Not all economists agree that it may restrict the effectiveness of the central bank’s actions. The aim of the article is to present the views of economists on this transmission mechanism of monetary policy under the zero lower bound. The paper also attempts to evaluate the effectiveness of the Federal Reserve System’s monetary policy at zero nominal interest rates.
2
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Polityka pieniężna Europejskiego Banku Centralnego w latach 1999–2011

88%
Kochaniak K.
Studia BAS
|
2012
|
issue 3(31)
63-86
EN
This article provides an overview of the monetary policy of the European Central Bank (ECB) in the recent years. The author begins by introducing the objectives, powers, and strategy of the ECB’s monetary policy. The next section discusses the transmission of monetary policy to the real economy through interest rates and credit channels. Next, monetary policy instruments used by the ECB are covered. The final section looks at the impact of the global financial crisis on the ECB’s operations. Finally, conclusions are drawn from empirical data that are provided by the ECB and Eurostat.
3
Publication available in full text mode
Content available

Polityka pieniężna Europejskiego Banku Centralnego w latach 1999–2011

88%
Kochaniak K.
Studia BAS
|
2012
|
issue 3(31)
63-85
EN
This article provides an overview of the monetary policy of the European Central Bank (ECB) in the recent years. The author begins by introducing the objectives, powers, and strategy of the ECB’s monetary policy. The next section discusses the transmission of monetary policy to the real economy through interest rates and credit channels. Next, monetary policy instruments used by the ECB are covered. The final section looks at the impact of the global financial crisis on the ECB’s operations. Finally, conclusions are drawn from empirical data that are provided by the ECB and Eurostat.
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