Bulletin n. 1/2017
June 2017
INDICE
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
    • Pierre-Olivier Gourinchas, Pau Rabanal
    Unconventional Monetary and Exchange Rate Policies
    in IMF Economic Review , Volume 65, Issue 1 ,  2017 ,  1-4
    The recession than followed the 2008–2009 Global Financial Crisis triggered unprecedented monetary policy easing around the world. Initially, central banks in most advanced economies responded aggressively by decreasing interest rates until reaching their effective lower bound. Afterwards, as the economic outlook kept worsening, central banks started deploying new policies to affect credit conditions and to provide liquidity at a large scale. These new policies, labelled as unconventional monetary policies, included large-scale asset purchase programmes of domestic assets (such as government bonds, mortgage-backed securities, and private sector debt), liquidity provision and refinancing operations with commercial banks and other financial institutions, and exchange rate floors that lead to large accumulation of foreign exchange reserves.
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