00000nam 2200000zi 4500 9.894920 CaOODSP 20221107173900 m o d f cr cn||||||||| 201224t20202020onc ob f000 0 eng d CaOODSP eng rda CaOODSP eng fre FB3-6/2020-16E-PDF Johnson, Grahame, author. Implementation and effectiveness of extended monetary policy tools : lessons from the literature / by Grahame Johnson, Sharon Kozicki, Romanos Priftis, Lena Suchanek, Jonathan Witmer and Jing Yang. Ottawa, Ontario, Canada : Bank of Canada = Banque du Canada, 2020. ©2020 1 online resource (iii, 38 pages). text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff discussion paper = Document d'analyse du personnel, 1701-9397 ; 2020-16 Cover title. "Last updated: December 23, 2020." Includes bibliographical references (pages 23-38). "This paper summarizes the literature on the performance of various extended monetary policy tools when conventional policy rates are constrained by the effective lower bound. We highlight issues that may arise when these tools are used by central banks of small open economies. Tools that have already been used by various central banks include forward guidance and balance sheet policies—such as quantitative easing, yield curve targeting, credit easing, funding-for-lending and purchases of other assets. The paper also touches on the use of negative interest rates. The evidence to date suggests that such tools have allowed central banks to ease financial conditions and thereby stimulate aggregate demand. The article also considers overt monetary financing (often referred to as “helicopter money”) as an additional tool if conditions require even more aggressive easing. We review the sequencing and pacing of the use of such tools, as well as spillover effects and financial stability concerns, as important aspects of implementation strategies"--Abstract, page iii. Includes abstract in French. Monetary policy Canada. Politique monétaire Canada. Bank of Canada, issuing body. Staff discussion paper (Bank of Canada) 1701-9397 ; 2020-16. (CaOODSP)9.806273 PDF 645 KB https://publications.gc.ca/collections/collection_2020/banque-bank-canada/FB3-6-2020-16-eng.pdf