Konrad Zmitrowicz is the Director of the International Projection Division in the International Economic Analysis Department. His team is responsible for producing the quarterly global macroeconomic outlook and supporting its communication in the Bank’s Monetary Policy Report. Mr. Zmitrowicz was previously the Director of the Commodities Division at the Bank of Canada between 2016 and 2019.
Staff Analytical Notes
In the second half of 2014, oil prices experienced a sharp decline, falling more than 50 per cent between June 2014 and January 2015. A cursory glance at this oil price crash suggests similarities to developments in 1986, when the price of oil declined by more than 50 per cent, initiating an episode of relatively low oil prices that lasted for more than a decade.
Staff Discussion Papers
During and after the Great Recession of 2008–09, conventional monetary policy in the United States and many other advanced economies was constrained by the effective lower bound (ELB) on nominal interest rates. Several central banks implemented large-scale asset purchase (LSAP) programs, more commonly known as quantitative easing or QE, to provide additional monetary stimulus.