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Monetary policy thorugh asset markets: lessons from unconventional measures and implications for an integrated world
The global financial crisis of 2008 and its aftermath have brought many new challenges for the world’s central banks. These new challenges have in turn resulted in bold experimentation—not simply particularly vigorous use of traditional policy tools but also the use of new tools or if not entirely new ...
Monetary policy under financial turbulence: an overview
The financial crisis that started in 2007 brought the global economy to the brink and in many respects it is still unfolding especially in Europe. How to understand and deal with the crisis has naturally been the subject of fierce debates that continue today. However some consensus appears to be ...
Central banking after the crisis
By the mid-2000s both academics and central banks had come to a remarkable consensus on what central banks’ basic strategy should be. However with the collapse of Lehman Brothers in September 2008 the world of central banking changed forever. The worldwide financial crisis revealed that some of the ...
Tales of two recessions in Chile: financial frictions in 1999 and 2009
During 2007-2009 the world underwent a deep economic crisis that has been termed the Great Recession where total output is estimated to have decreased 0.6%. This event has had two salient characteristics: it was a financial shock that originated in advanced economies and in the end most of the economies ...
A historical perspective on the crisis of 2007-08
The current international financial crisis is part of a perennial pattern. Today’s events echo earlier big international financial crises that were triggered by events in the U.S. financial system. Examples include the crises of 1857 1893 1907 and 1929–33. This crisis has many similarities to those ...
Credit stabilization through public banks: the case of Banco Estado
A novel element in the policy mix that responded to the 2008- 2009 financial crisis was the explicit role given to BancoEstado a publicly-owned commercial bank to alleviate the contraction in domestic credit provided by the banking sector. In order to aid its mission BancoEstado was capitalized by 500 ...
Monetary policy at the zero lower bound: the Chilean experience
The global financial crisis that started in 2008 dramatically changed the analysis and implementation of monetary policy worldwide. Central banks were at the center of the stage during that time implementing both conventional and unconventional policies. Not only were monetary policy rates drastically ...
Risk premium shifts and monetary policy: a coordination approach
Our understanding of crisis propagation and the telling of the crisis narrative have been heavily influenced by the events surrounding the 2008 crisis which has focused on the leverage of banks and other financial intermediaries. Since then the focus has shifted from banks to financial market liquidity ...
Macroprudential policy: promise and challenges
The developments that led to the 2008 global financial crisis raised a new awareness amongst central banks and financial regulators in advanced economies about the need to approach financial regulation and surveillance from a macroeconomic (i.e. systemic) and prudential (i.e. pre-emptive) perspective. ...
Adapting macroprudential policies to global liquidity conditions
The global financial crisis that erupted in 2007 has had intellectual repercussions as well as large economic costs. Recent events in the advanced economies especially the capital flow reversals and the looming banking sector crises in Europe have shaken the conviction that traditional yardsticks of ...