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| 02603nam 2200361zi 4500 |
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| 001 | 9.894920 |
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| 003 | CaOODSP |
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| 005 | 20221107173900 |
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| 006 | m o d f |
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| 007 | cr cn||||||||| |
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| 008 | 201224t20202020onc ob f000 0 eng d |
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| 040 | |aCaOODSP|beng|erda|cCaOODSP |
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| 041 | |aeng|bfre |
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| 086 | 1 |aFB3-6/2020-16E-PDF |
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| 100 | 1 |aJohnson, Grahame, |eauthor. |
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| 245 | 10|aImplementation and effectiveness of extended monetary policy tools : |blessons from the literature / |cby Grahame Johnson, Sharon Kozicki, Romanos Priftis, Lena Suchanek, Jonathan Witmer and Jing Yang. |
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| 264 | 1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2020. |
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| 264 | 4|c©2020 |
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| 300 | |a1 online resource (iii, 38 pages). |
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| 336 | |atext|btxt|2rdacontent |
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| 337 | |acomputer|bc|2rdamedia |
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| 338 | |aonline resource|bcr|2rdacarrier |
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| 490 | 1 |aStaff discussion paper = Document d'analyse du personnel, |x1701-9397 ; |v2020-16 |
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| 500 | |aCover title. |
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| 500 | |a"Last updated: December 23, 2020." |
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| 504 | |aIncludes bibliographical references (pages 23-38). |
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| 520 | 3 |a"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. |
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| 546 | |aIncludes abstract in French. |
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| 650 | 0|aMonetary policy|zCanada. |
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| 650 | 6|aPolitique monétaire|zCanada. |
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| 710 | 2 |aBank of Canada, |eissuing body. |
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| 830 | #0|aStaff discussion paper (Bank of Canada)|x1701-9397 ; |v2020-16.|w(CaOODSP)9.806273 |
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| 856 | 40|qPDF|s645 KB|uhttps://publications.gc.ca/collections/collection_2020/banque-bank-canada/FB3-6-2020-16-eng.pdf |
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