Aggregate and Distributive Effects of Unconventional Monetary Policies |

With the onset of the financial crisis, an increasing number of central banks have resorted to unconventional measures and pushed monetary policy into uncharted territories. Many relied on asset purchases as key instruments and, as a result, expanded and changed the composition of their balance sheets. Some started offering targeted longer-term refinancing operations and introduced negative interest rates. Several are offering forward guidance on their likely future actions. And many face questions about even more unusual types of interventions. Current public debates on helicopter money are a case in point.

The growing role of unconventional tools does not only put their aggregate effects into the spotlight. It also triggers questions concerning the distributional consequences, and how they in turn affect monetary policy transmission channels and economic outcomes.

Against this background, the Council on Economic Policies (CEP), the Swiss National Bank and the Study Center Gerzensee organize a workshop on “Aggregate and Distributive Effects of Unconventional Monetary Policies” on November 9-10, 2017 at the Study Center Gerzensee, Switzerland.

The event brings together researchers from academia, central banks, and other non-academic research institutions.