Conventional and unconventional monetary policy rules

Sheedy, K. D.ORCID logo (2017). Conventional and unconventional monetary policy rules. Journal of Macroeconomics, 54(A), 127-147. https://doi.org/10.1016/j.jmacro.2017.07.007
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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
Copyright holders © 2017 Elsevier Inc.
Departments LSE > Academic Departments > Economics
DOI 10.1016/j.jmacro.2017.07.007
Date Deposited 20 Jul 2017
Acceptance Date 17 Jul 2017
URI https://researchonline.lse.ac.uk/id/eprint/83608

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