IDEAS home Printed from https://ideas.repec.org/a/sgm/pzwzuw/v10i39y2012p64-76.html
   My bibliography  Save this article

Flexible approach in monetary policy during instability of the markets. Quantitative Easing Policy (Elastyczne podejscie w polityce pienieznej w czasach niestabilnosci rynkow. Polityka quantitative easing)

Author

Listed:
  • Katarzyna Nagraba

    (Kolegium Nauk o Przedsiebiorstwie Szkoly Glownej Handlowej w Warszawie)

Abstract

Monetary policy is an important pillar of the economy and it affects the development of each country indirectly. Depending on the strategy which is implemented, it can either stimulate the economy or slow down its growth. The aim of this study was to present a new approach in monetary policy, which has become extremely popular in the United States during the financial crisis. As the interest rates were very low and the monetary policy couldn’t use its basic tool to stimulate the economy, the quantitative easing policy has been implemented. As the article intends to present the most actual information about quantitative easing policy, among the sources there are both books, articles, press release and Internet pages (e.g. official internet pages for central banks). The implemented in monetary policy method brought the expected results, although its detailed, longterm outcome should be visible in the fallowing months. As a result of implementing the Quantitative easing in the United States the improvement in GDP has been observed. At the same time, however, increased inflation and increased unemployment has been reported.

Suggested Citation

  • Katarzyna Nagraba, 2012. "Flexible approach in monetary policy during instability of the markets. Quantitative Easing Policy (Elastyczne podejscie w polityce pienieznej w czasach niestabilnosci rynkow. Polityka quantitative ea," Problemy Zarzadzania, University of Warsaw, Faculty of Management, vol. 10(39), pages 64-76.
    • Handle: RePEc:sgm:pzwzuw:v:10:i:39:y:2012:p:64-76
    as

    Download full text from publisher

    File URL: http://pz.wz.uw.edu.pl/sites/default/files/artykuly/nagraba.pdf
    Download Restriction: no
    File URL: http://pz.wz.uw.edu.pl/en
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Voutsinas, Konstantinos & Werner, Richard A., 2011. "New evidence on the effectiveness of "Quantitative Easing" in Japan," CFS Working Paper Series 2011/30, Center for Financial Studies (CFS).
    2. Ralf Bebenroth & Uwe Vollmer*, 2007. "Bank of Japan versus Eurosystem," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 42(1), pages 43-53, January.
    3. John C. Williams & John B. Taylor, 2009. "A Black Swan in the Money Market," American Economic Journal: Macroeconomics, American Economic Association, vol. 1(1), pages 58-83, January.
    4. Alan S. Blinder, 2010. "Quantitative easing: entrance and exit strategies," Review, Federal Reserve Bank of St. Louis, vol. 92(Nov), pages 465-480.
    5. Fujiki, Hiroshi & Okina, Kunio & Shiratsuka, Shigenori, 2001. "Monetary Policy under Zero Interest Rate: Viewpoints of Central Bank Economists," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 19(1), pages 89-130, February.
    6. Alan S. Blinder, 2010. "Quantitative easing: entrance and exit strategies," Review, Federal Reserve Bank of St. Louis, vol. 92(Nov), pages 465-480.
    7. Markus Hoermann & Andreas Schabert, 2011. "When is Quantitative Easing effective?," Tinbergen Institute Discussion Papers 11-001/2/DSF 6, Tinbergen Institute.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. christiaan Pattipeilohy, 2016. "A comparative analysis of developments in central bank balance sheet composition," BIS Working Papers 559, Bank for International Settlements.
    2. Francesco Giuseppe Cordoni & Luca Di Persio & Yilun Jiang, 2020. "A Bank Salvage Model by Impulse Stochastic Controls," Risks, MDPI, vol. 8(2), pages 1-31, June.
    3. Christiaan Pattipeilohy, 2016. "A comparative analysis of developments in central bank balance sheet composition," DNB Working Papers 510, Netherlands Central Bank, Research Department.
    4. Mr. Giovanni Ganelli & Nour Tawk, 2016. "Spillovers from Japan’s Unconventional Monetary Policy to Emerging Asia: a Global VAR approach," IMF Working Papers 2016/099, International Monetary Fund.
    5. Siddartha Chattopadhyay & Betty C. Daniel, 2018. "Taylor-Rule Exit Policies for the Zero Lower Bound," International Journal of Central Banking, International Journal of Central Banking, vol. 14(5), pages 1-53, December.
    6. Albertazzi, Ugo & Barbiero, Francesca & Marqués-Ibáñez, David & Popov, Alexander & Rodriguez d’Acri, Costanza & Vlassopoulos, Thomas, 2020. "Monetary policy and bank stability: the analytical toolbox reviewed," Working Paper Series 2377, European Central Bank.
    7. Baghestani, Hamid & Toledo, Hugo, 2017. "Do analysts' forecasts of term spread differential help predict directional change in exchange rates?," International Review of Economics & Finance, Elsevier, vol. 47(C), pages 62-69.
    8. Dedák, István, 2013. "Balance Sheet Recession and Debt Financing," Public Finance Quarterly, Corvinus University of Budapest, vol. 58(1), pages 76-94.
    9. Mariarosaria Comunale & Jonas Striaukas, 2017. "Unconventional Monetary Policy: Interest Rates and Low Inflation. A Review of Literature and Methods," Bank of Lithuania Occasional Paper Series 13, Bank of Lithuania.
    10. Schabert, Andreas, 2015. "Optimal central bank lending," Journal of Economic Theory, Elsevier, vol. 157(C), pages 485-516.
    11. Gábor Dávid Kiss & Mercédesz Mészáros, 2020. "Gravity Among Central Bank Balance Sheets: Monetary Policy Spill-Over on FX Volatility," Econometric Research in Finance, SGH Warsaw School of Economics, Collegium of Economic Analysis, vol. 5(1), pages 33-57, June.
    12. Matteo Falagiarda, 2014. "Evaluating quantitative easing: a DSGE approach," International Journal of Monetary Economics and Finance, Inderscience Enterprises Ltd, vol. 7(4), pages 302-327.
    13. Francesco Cordoni & Luca Di Persio & Yilun Jiang, 2019. "A bank salvage model by impulse stochastic controls," Papers 1910.03056, arXiv.org.
    14. Anne-Marie Rieu-Foucault, 2017. "Point sur la fourniture de liquidié publique," EconomiX Working Papers 2017-27, University of Paris Nanterre, EconomiX.
    15. Chen, Qianying & Filardo, Andrew & He, Dong & Zhu, Feng, 2016. "Financial crisis, US unconventional monetary policy and international spillovers," Journal of International Money and Finance, Elsevier, vol. 67(C), pages 62-81.
    16. Teik-Khim Ooi & Wee-Yeap Lau, 2021. "Impact of Market Expectations on the U.S. Interest Rate Lift-Off in ASEAN-5 Financial System," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 28(2), pages 243-271, June.
    17. Jakub Janus, 2013. "Wpływ doświadczeń Banku Japonii na politykę pieniężną Systemu Rezerwy Federalnej w latach 2007-2011," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 1-2, pages 71-90.
    18. Christopher Spencer, 2014. "Conventional and Unconventional Votes: A Tale of Three Monetary Policy Committees," Discussion Paper Series 2014_11, Department of Economics, Loughborough University, revised Dec 2014.
    19. Maddalena Galardo & Cinzia Guerrieri, 2017. "The effects of central bank’s verbal guidance: evidence from the ECB," Temi di discussione (Economic working papers) 1129, Bank of Italy, Economic Research and International Relations Area.
    20. Falagiarda, Matteo & Reitz, Stefan, 2013. "Announcements of ECB unconventional programs: Implications for the sovereign risk of Italy," Kiel Working Papers 1866, Kiel Institute for the World Economy (IfW Kiel).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sgm:pzwzuw:v:10:i:39:y:2012:p:64-76. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/somuwpl.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.