Financial Crisis Lessons for Monetary Policy Sean Holly Jagjit Ch… 9781107014732

Financial Crisis Lessons for Monetary Policy Sean Holly Jagjit Ch… 9781107014732

Interest Rates, Prices and LiquidityLessons from the Financial Crisis\nAuthor(s): Jagjit S. Chadha, Sean Holly\nFormat: Hardback\nPublisher: Cambridge University Press, United Kingdom\nImprint: Cambridge University Press\nISBN-13: 9781107014732, 978-1107014732\nSynopsis\nMany of the assumptions that underpin mainstream macroeconomic models have been challenged as a result of the traumatic events of the recent financial crisis. Thus, until recently, it was widely agreed that although the stock of money had a role to play, in practice it could be ignored as long as we used short-term nominal interest rates as the instrument of policy because money and other credit markets would clear at the given policy rate. However, very early on in the financial crisis interest rates effectively hit zero percent and so central banks had to resort to a wholly new set of largely untested instruments to restore order, including quantitative easing and the purchase of toxic financial assets. This book b.

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