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Unconventional Monetary Policies: An Appraisal

Download Now Date Added: Nov 2009
Format: PDF

The recent global financial crisis has led central banks to rely heavily on "Unconventional" monetary policies. This alternative approach to policy has generated much discussion and a heated and at times confusing debate. The debate has been complicated by the use of different definitions and conflicting views of the mechanisms at work. This paper sets out a framework for classifying and thinking about such policies, highlighting how they can be viewed within the overall context of monetary policy implementation.