Central Bank Liquidity Management and "Unconventional" Monetary Policies

Speaker

Enrique Kawamura

29 de abril de 2014 - 11:45 a 14:00 hs

Contenidos:

This paper presents a small open economy model to analyze the role of central bank liquidity management in implementing "unconventional" monetary policies within an inflation targeting framework. In particular, the paper explicitly models the facilities that the central bank uses to manage liquidity in the economy, which creates a role for hte central bank balance sheet in equilibrium. This permits the analysis of two "unconventional" policies: sterilized exchange-rate interventions and expanding the list of eligible collaterals accepted at the liquidity facilities operated by the central bank. These policies have been recently implemented by several central banks: the former as a way to counteract persistent appreciations in teh domestic currency, and the latter as a response to the recent global financial crisis in 2008. As a case study, the paper provides a detailed account of the Chilean experience with these alternative tools, as well as a quantitative evaluation of the effects of some of these policies. 

Universidad de San Andrés

  • Vito Dumas 284
  • Victoria
  • Buenos Aires
  • Argentina

Tags

inflación, macroeconomía, Economía

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