Non-Standard Monetary Policy Measures and the Balance Sheet of Major Central Banks, Monetary Dialogue, July 2014

15-07-2014

The notes in this compilation by key monetary policy experts analyse similarities and differences in the crisis reaction of three major central banks (the ECB, the FED and the BoE) as well as the reasons for their different reactions (institutional set up, economic reasons etc.). In this context, the notes also assess how successful these 'non-standard policy measures' have been and how they have affected central banks' balance sheets in terms of volume and composition. The notes have been requested by the Committee on Economic and Monetary Affairs (ECON) as an input for the July 2014 session of the Monetary Dialogue between the Members of ECON and the President of the ECB.

The notes in this compilation by key monetary policy experts analyse similarities and differences in the crisis reaction of three major central banks (the ECB, the FED and the BoE) as well as the reasons for their different reactions (institutional set up, economic reasons etc.). In this context, the notes also assess how successful these 'non-standard policy measures' have been and how they have affected central banks' balance sheets in terms of volume and composition. The notes have been requested by the Committee on Economic and Monetary Affairs (ECON) as an input for the July 2014 session of the Monetary Dialogue between the Members of ECON and the President of the ECB.

Externí autor

Karl WHELAN (University College Dublin), Charles WYPLOSZ (Graduate Institute of International and Development Studies), Gregory CLAEYS (Bruegel) and Anne SIBERT (Birkbeck, University of London and Centre for Economic Policy Research)