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Conventional and unconventional monetary policy rules

Sheedy, Kevin D. ORCID: 0000-0002-0247-6323 (2017) Conventional and unconventional monetary policy rules. Journal of Macroeconomics, 54 (A). pp. 127-147. ISSN 0164-0704

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Identification Number: 10.1016/j.jmacro.2017.07.007


This essay examines the challenges in devising rules for unconventional monetary policy suitable for a post-crisis world. It is argued that unconventional monetary policy instruments are a poor substitute for conventional interest-rate policy in stabilizing the economy and in insulating monetary policy from political pressures. Some suggestions for the reform of inflation targeting are made to reduce the need for unconventional policy instruments in the future.

Item Type: Article
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Additional Information: © 2017 Elsevier Inc.
Divisions: Economics
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HG Finance
Date Deposited: 20 Jul 2017 10:43
Last Modified: 20 Sep 2021 03:06

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