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5 Results

Quantitative Easing as a Policy Tool Under the Effective Lower Bound

Staff Discussion Paper 2015-14 Abeer Reza, Eric Santor, Lena Suchanek
This paper summarizes the international evidence on the performance of quantitative easing (QE) as a monetary policy tool when conventional policy rates are constrained by the effective lower bound (ELB). A large body of evidence suggests that expanding the central bank’s balance sheet through large-scale asset purchases can provide effective stimulus under the ELB.

Canada's Pioneering Experience with a Flexible Exchange Rate in the 1950s: (Hard) Lessons Learned for Monetary Policy in a Small Open Economy

Staff Working Paper 2007-45 Michael Bordo, Ali Dib, Lawrence L. Schembri
This paper revisits Canada's pioneering experience with floating exchange rate over the period 1950–1962. It examines whether the floating rate was the best option for Canada in the 1950s by developing and estimating a New Keynesian small open economy model of the Canadian economy.
Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Exchange rates JEL Code(s): E, E3, E32, E37, F, F3, F31, F32, N, N1

Term Structure Transmission of Monetary Policy

Staff Working Paper 2007-30 Sharon Kozicki, P. A. Tinsley
Under bond-rate transmission of monetary policy, the authors show that a generalized Taylor Principle applies, in which the average anticipated path of policy responses to inflation is subject to a lower bound of unity. This result helps explain how bond rates may exhibit stable responses to inflation, even in periods of passive policy.
Content Type(s): Staff research, Staff working papers Topic(s): Interest rates, Monetary policy transmission JEL Code(s): E, E3, E5, N, N1

Perhaps the FOMC Did What It Said It Did: An Alternative Interpretation of the Great Inflation

Staff Working Paper 2007-19 Sharon Kozicki, P. A. Tinsley
This paper uses real-time briefing forecasts prepared for the Federal Open Market Committee (FOMC) to provide estimates of historical changes in the design of U.S. monetary policy and in the implied central-bank target for inflation. Empirical results support a description of policy with an effective inflation target of roughly 7 percent in the 1970s.

Do We Need the IMF to Resolve a Crisis? Lessons from Past Episodes of Debt Restructuring

Staff Working Paper 2007-10 Philipp Maier
This study investigate how debt restructurings have evolved over the decades. Debtors and creditors have a long history of engaging an outsider – a “third party”, such as the IMF – to organise and facilitate debt restructurings.
Content Type(s): Staff research, Staff working papers Topic(s): Financial stability, International topics JEL Code(s): E, E5, F, F3, N, N1, N2