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Title: Modeling Outcomes of Unconventional Monetary Policy
Authors: Alekseievska, Halyna S.
Kyfak, Andrii O.
Rodionova, Tetiana
Yakubovskyi, Serhii O.
Якубовський, Сергій Олексійович
Якубовский, Сергей Алексеевич
Citation: International Journal of Recent Technology and Engineering
Issue Date: 2019
Keywords: central banks
unconventional tools of monetary policy
developed countries
consumer price index
financial systems
Series/Report no.: ;Vol. 8, issue 4.
Abstract: The paper presents a study of the outcomes of the unconventional monetary policy methods that the central banks of developed countries have been applying during and after the global financial crisis. Before the crisis central banks used the interest rate policy as their main tool. But the recent financial crisis has demonstrated the inefficiency of traditional methods (especially after the base interest rate has reached zero). Therefore in response to the global financial crisis, central banks of many countries have taken unconventional measures to overcome the crisis. The paper aims to study the main outcomes of unconventional monetary policy measures of the developed countries and formulate the recommendations for the developing countries. The following objectives are being met in the paper:to reveal the essence of the main mechanisms for implementing the unconventional monetary policy; to evaluate the efficiency of unconventional monetary policy in the US, Japan, United Kingdom;to model the impact of monetary policy of the European Central bank on the consumer price index in the Eurozone countries. Research methods: method of comparative analysis is usedto evaluate the efficiency of the unconventional monetary policy in the US, Japan, European Union and the United Kingdom.The model of themonetary policy impact on the consumer price index is based on econometric analysis and is constructed using the least squares method. The studied model includes both traditional and non-traditional methods.Observation period - quarterly data from 1999 to the second quarter of 2019.
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