Revista OEconomica

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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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