Central Bank liquidity management and “unconventional” monetary policies

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Abstract: This paper presents a small open economy model to analyze the role of central bank liquidity management in implementing “unconventional” monetary policies within an inflation targeting framework. In particular, the paper explicitly models the facilities that the central bank uses to manage...

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Detalles Bibliográficos
Autores principales: García Cicco, Javier, Kawamura, Enrique
Otros Autores: Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía "Francisco Valsecchi"
Formato: Documento de trabajo
Lenguaje:Español
Inglés
Publicado: 2019
Materias:
POLITICA MONETARIA
BALANCE
BANCO CENTRAL
POLITICA ECONOMICA
Acceso en línea:https://repositorio.uca.edu.ar/handle/123456789/2224
Aporte de:
Repositorio Institucional de la Universidad Católica Argentina (UCA) de Universidad Católica Argentina
id I33-R139-123456789-2224
record_format dspace
spelling I33-R139-123456789-22242024-03-21T10:59:07Z Central Bank liquidity management and “unconventional” monetary policies García Cicco, Javier Kawamura, Enrique García Cicco, Javier Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía "Francisco Valsecchi" POLITICA MONETARIA BALANCE BANCO CENTRAL POLITICA ECONOMICA Abstract: This paper presents a small open economy model to analyze the role of central bank liquidity management in implementing “unconventional” monetary policies within an inflation targeting framework. In particular, the paper explicitly models the facilities that the central bank uses to manage liquidity in the economy, which creates a role for the central bank balance sheet in equilibrium. This permits the analysis of two “unconventional” policies: sterilized exchange-rate interventions and expanding the list of eligible collaterals accepted at the liquidity facilities operated by the central bank. These policies have been recently implemented by several central banks: the former as a way to counteract persistent appreciations in the domestic currency, and the latter as a response to the recent global financial crisis in 2008. As a case study, the paper provides a detailed account of the Chilean experience with these alternative tools, as well as a quantitative evaluation of the effects of some of these policies 2019-05-13T17:10:15Z 2019-05-13T17:10:15Z 2014 Documento de trabajo García Cicco, J., Kawamura, E. (2014, septiembre). Central Bank liquidity management and “unconventional” monetary policies [en línea] Documento de trabajo No. 47 de la Escuela de Economía “Francisco Valsecchi”. Facultad de Ciencias Económicas. Universidad Católica Argentina. Disponible en: https://repositorio.uca.edu.ar/handle/123456789/2224 https://repositorio.uca.edu.ar/handle/123456789/2224 spa eng Acceso Abierto https://creativecommons.org/licenses/by-nc-sa/4.0/ application/pdf CHILE Documento de Trabajo nº 47, 2014
institution Universidad Católica Argentina
institution_str I-33
repository_str R-139
collection Repositorio Institucional de la Universidad Católica Argentina (UCA)
language Español
Inglés
topic POLITICA MONETARIA
BALANCE
BANCO CENTRAL
POLITICA ECONOMICA
spellingShingle POLITICA MONETARIA
BALANCE
BANCO CENTRAL
POLITICA ECONOMICA
García Cicco, Javier
Kawamura, Enrique
García Cicco, Javier
Central Bank liquidity management and “unconventional” monetary policies
topic_facet POLITICA MONETARIA
BALANCE
BANCO CENTRAL
POLITICA ECONOMICA
description Abstract: This paper presents a small open economy model to analyze the role of central bank liquidity management in implementing “unconventional” monetary policies within an inflation targeting framework. In particular, the paper explicitly models the facilities that the central bank uses to manage liquidity in the economy, which creates a role for the central bank balance sheet in equilibrium. This permits the analysis of two “unconventional” policies: sterilized exchange-rate interventions and expanding the list of eligible collaterals accepted at the liquidity facilities operated by the central bank. These policies have been recently implemented by several central banks: the former as a way to counteract persistent appreciations in the domestic currency, and the latter as a response to the recent global financial crisis in 2008. As a case study, the paper provides a detailed account of the Chilean experience with these alternative tools, as well as a quantitative evaluation of the effects of some of these policies
author2 Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía "Francisco Valsecchi"
author_facet Universidad Católica Argentina. Facultad de Ciencias Económicas. Escuela de Economía "Francisco Valsecchi"
García Cicco, Javier
Kawamura, Enrique
García Cicco, Javier
format Documento de trabajo
author García Cicco, Javier
Kawamura, Enrique
García Cicco, Javier
author_sort García Cicco, Javier
title Central Bank liquidity management and “unconventional” monetary policies
title_short Central Bank liquidity management and “unconventional” monetary policies
title_full Central Bank liquidity management and “unconventional” monetary policies
title_fullStr Central Bank liquidity management and “unconventional” monetary policies
title_full_unstemmed Central Bank liquidity management and “unconventional” monetary policies
title_sort central bank liquidity management and “unconventional” monetary policies
publishDate 2019
url https://repositorio.uca.edu.ar/handle/123456789/2224
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AT kawamuraenrique centralbankliquiditymanagementandunconventionalmonetarypolicies
AT garciaciccojavier centralbankliquiditymanagementandunconventionalmonetarypolicies
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