Modeling Outcomes of Unconventional Monetary Policy
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Дата
2019
Науковий керівник
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Анотація
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.
Опис
Ключові слова
central banks, unconventional tools of monetary policy, developed countries, securities, consumer price index, financial systems
Бібліографічний опис
International Journal of Recent Technology and Engineering