Monetary policy in a systemic crisis

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• dc.contributor.author Freixas, Xavierca
• dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
• dc.date.accessioned 2017-07-26T10:49:54Z
• dc.date.available 2017-07-26T10:49:54Z
• dc.date.issued 2009-11-01
• dc.date.modified 2017-07-23T02:13:02Z
• dc.description.abstract This paper examines the monetary policy followed during the current financial crisis from the perspective of the theory of the lender of last resort. It is argued that standard monetary policy measures would have failed because the channels through which monetary policy is implemented depend upon the well functioning of the interbank market. As the crisis developed, liquidity vanished and the interbank market collapsed, central banks had to inject much more liquidity at low interest rates than predicted by standard monetary policy models. At the same time, as the interbank market did not allow for the redistribution of liquidity among banks, central banks had to design new channels for liquidity injection.
• dc.format.mimetype application/pdfca
• dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1200
• dc.identifier.uri http://hdl.handle.net/10230/6058
• dc.language.iso eng
• dc.relation.ispartofseries Economics and Business Working Papers Series; 1200
• dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
• dc.rights.accessRights info:eu-repo/semantics/openAccess
• dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
• dc.subject.keyword Finance and Accounting
• dc.title Monetary policy in a systemic crisisca
• dc.type info:eu-repo/semantics/workingPaper