Revista OEconomica

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Emmanuel Olusegun STOBER - Coercive Diplomacy in the Gulf and the Limits of the Strike-Forward Strategy: Toward a Middle-Power Coalition for Regional Stability

Sorin-Nicolae CURCĂ - On the Informational Entropy of Economic Shock

Florin DĂNESCU - The Banking Sector as Critical Infrastructure in the Logic of Hybrid Conflict: Post-2014 Legislative Convergence in Central and Eastern Europe and the Case of Romania

Alexandru POPOVICI - The Contribution of the Music Industry to GDP and Employment: A Comparative Analysis

Mohammed AL-NASSERY - Implications of the War in the Middle East: An Analysis of the Economic, Security, Humanitarian, and Political Dimensions

Mihai LĂCĂTUŞ - GDP as a Means, Not an End: Inequality as the Missing Variable in Fiscal Policy Design – A 60-Country Analysis of Economic Growth and Subjective Well-Being

Articles on Issue Theme

Silviu CERNA

Universitatea de Vest din Timişoara

Indeed, the reaction of central banks to the crisis often resulted in remarkable technical innovations designed to improve the operational framework of monetary policy. However, the typology established several years ago by B. Bernanke and his colleagues remains valid. According to these authors, unconventional monetary policy measures are of three kinds: 1) measures for directing the economic agents’ expectations about the future evolution of the guiding interest (forward guidance); 2) measures for increasing the value of central bank’s liabilities and, therefore, for monetary base augmentation (quantitative easing); 3) measures aiming to modify the central bank’s assets (receivables) (credit easing). Our paper analyses these three types of unconventional measures, defining three monetary policy strategies corresponding to the various combinations of conventional and unconventional measures which may help to overcome the current crisis.

ŒCONOMICA no. 1/2014

Keywords: central bank, monetary policy, zero interest rate policy, quantitative easing policy

JEL: E52, E58

Unconventional Monetary Policy [Politica monetară neconvenţională]

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