Necessity as the mother of invention monetary policy after the crisis

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ECONOMISTS’ QUESTIONNAIRE ON MONETARY POLICY =============================================== This questionnaire refers many times to “your country’s central bank.” If your country of residence is in the euro area, please interpret this phrase as referring to the European Central Bank. I. CENTRAL BANK GOALS 1. Did the world financial crisis of 2007-2009 and/or its aftermath lead you to think that it would be desirable to modify the mandate of your country’s central bank in any way? (please check one) Yes No Difficult to say Please specify your country of residence: ________________________________ 2. If “Yes,” would these modifications apply to: (please check as many as apply) changing the price stability or inflation target replacing price stability or low inflation by some other objective extending the mandate by adding some other objective to price stability or low inflation other (please specify): ______________________________________________ ______________________________________________________________ ______________________________________________________________ (continued) 56
II. CENTRAL BANK INSTRUMENTS 3. During and after the crisis, a number of central banks adopted or considered unconventional policies and/or policy instruments they had not utilized before. Once conditions return to normal, do you think each of the following should remain a potential instrument of monetary policy, remain an instrument but in modified form, be discontinued, or that it is too early to judge? (please check one box per policy/instrument) Unconventional policy or instrument: (a) Policy rate(s) rate near zero (1) (2) (3) (4) Remain an instrument Remain, but in modified form Be discontinued Too early to judge (b) Negative interest rates (e.g., the policy rate or rate on deposits at central bank) (c) Quantitative easing using government debt (d) Quantitative easing using assets other than government debt (e) Forward guidance about future monetary policy (f) Macro-prudential policy* (g) Other** If so, please specify: ____________________________________________ ___________________________________________________________________ ** If so, please specify: _____________________________________________ ________________________________________________________________ (continued) 57
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No. 525 / October 2016 Necessity as
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Necessity as the mother of inventio
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a range of other (mainly European)
Page 7 and 8: governors feel that they did not re
Page 9 and 10: A dummy indicating countries hit by
Page 11 and 12: Second, a low rate of inflation pro
Page 13 and 14: financial imbalances can build up u
Page 15 and 16: egulatory limits on leverage and sh
Page 17 and 18: ate, thereby constraining any nomin
Page 19 and 20: Bank of Japan both launched their i
Page 21 and 22: “casual evidence suggests that QE
Page 23 and 24: 3.5. Relevant factors in the adopti
Page 25 and 26: 4. CENTRAL BANK COMMUNICATION 4.1.
Page 27 and 28: mother of invention. Indeed, one of
Page 29 and 30: Table 11. Determinants of changes i
Page 31 and 32: Figure 6. Types of forward guidance
Page 33 and 34: Table 12. The role of forward guida
Page 35 and 36: situation contrasts sharply with th
Page 37 and 38: might have very different concepts
Page 39 and 40: Table 17. Central bank independence
Page 41 and 42: operations of the Federal Reserve
Page 43 and 44: ank governors did not consider usin
Page 45 and 46: Churm, R., M. Joyce, G. Kapetanios
Page 47 and 48: Siklos, P. (2016). ‘Has monetary
Page 49 and 50: Table A2. Determinants of mandate d
Page 51 and 52: Table A4. Determinants of the evalu
Page 53 and 54: CENTRAL BANKERS’ QUESTIONNAIRE ON
Page 55 and 56: 6. Once conditions return to normal
Page 57: 12. How much independence do you be
Page 61 and 62: IV. CENTRAL BANKS AND THEIR GOVERNM
Page 63 and 64: - 2 - Previous DNB Working Papers i
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Necessity as the mother of invention monetary policy after the crisis

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