Necessity as the mother of invention monetary policy after the crisis
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II.<br />
CENTRAL BANK INSTRUMENTS<br />
3. During and <strong>after</strong> <strong>the</strong> <strong>crisis</strong>, a number <strong>of</strong> central banks adopted or considered<br />
unconventional policies and/or <strong>policy</strong> instruments <strong>the</strong>y had not utilized before. Once<br />
conditions return to normal, do you think each <strong>of</strong> <strong>the</strong> following should remain a<br />
potential instrument <strong>of</strong> <strong>monetary</strong> <strong>policy</strong>, remain an instrument but in modified form, be<br />
discontinued, or that it is too early to judge? (ple<strong>as</strong>e check one box per<br />
<strong>policy</strong>/instrument)<br />
Unconventional <strong>policy</strong> or instrument:<br />
(a) Policy rate(s) rate near zero<br />
(1) (2) (3) (4)<br />
Remain an<br />
instrument<br />
Remain, but in<br />
modified form<br />
Be<br />
discontinued<br />
Too early<br />
to judge<br />
(b) Negative interest rates (e.g., <strong>the</strong><br />
<strong>policy</strong> rate or rate on deposits at central<br />
bank)<br />
(c) Quantitative e<strong>as</strong>ing using<br />
government debt<br />
(d) Quantitative e<strong>as</strong>ing using <strong>as</strong>sets o<strong>the</strong>r<br />
than government debt<br />
(e) Forward guidance about future<br />
<strong>monetary</strong> <strong>policy</strong><br />
(f) Macro-prudential <strong>policy</strong>*<br />
(g) O<strong>the</strong>r**<br />
<br />
If so, ple<strong>as</strong>e specify: ____________________________________________<br />
___________________________________________________________________<br />
** If so, ple<strong>as</strong>e specify: _____________________________________________<br />
________________________________________________________________<br />
(continued)<br />
57