Monetary Policy in a Downturn: Are Financial Crises Special?

被引：27
|
作者：
Bech, Morten L. [1 ]
Gambacorta, Leonardo [1 ]
Kharroubi, Enisse [1 ]
机构：
[1] Bank Int Settlements, CH-4002 Basel, Switzerland
来源：
INTERNATIONAL FINANCE | 2014年 / 17卷 / 01期
关键词：
D O I：
10.1111/infi.12040
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper analyses the effectiveness of monetary policy during downturns associated with financial crises. Based on a sample of 24 developed countries, our empirical analysis suggests that monetary policy is less effective following a financial crisis as the monetary transmission mechanism is partially impaired. In particular, our results suggest that the benefits of accommodative monetary policy during a downturn are elusive when the downturn is associated with a financial crisis. In addition, we find that private sector deleveraging during a downturn helps to induce a stronger recovery.
引用
收藏
页码：99 / 119
页数：21
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