Unconventional Monetary Policies 2021 | Banque de France | 7 September 2021 | Online

This seminar will focus on unconventional monetary policies led by major central banks in recent years. In a context marked by low inflation and interest rates, central banks have resorted to unconventional monetary instruments such as forward guidance, very long-term refinancing operations and the large-scaled asset purchases. The seminar will present the economics of unconventional monetary policy and assess their impact on growth, inflation, wealth, and distributional effects. It will also address implementation issues related to the management of the money market interest rates and the implementation of quantitative easing and credit easing.

The seminar will be led by economists from the Banque de France and the New York Fed. It will cover the following topics:

• The yield curve, the zero lower band and excess liquidity
• Long-term refinancing operations ; forward guidance and large scaled asset purchase (LSAP)
• Effects of unconventional monetary policy on inflation, growth, wealth and inequality
• Link between unconventional monetary policy and macro-prudential policy
• Monetary policy implementation issues : monetary policy in a situation of abundant reserves ; implementation issues of the LSAP ; credit easing and credit market

Participants

This seminar is intended for economists and central bank researchers who have worked for a few years on monetary policy either in the domain aof economic analysis of the implementation. Participants are expected to interact actively in the discussion and may give presentations on their own experience.