TY  - BOOK
AU  - Chadha,Jagjit
AU  - Holly,Sean
TI  - Interest rates, prices and liquidity: lessons from the financial crisis 
T2  - Macroeconomic policy making
SN  - 9781139044233 (ebook)
AV  - HG1621 .I588 2012
U1  - 339.5/3 23
PY  - 2012///
CY  - Cambridge
PB  - Cambridge University Press
KW  - Monetary policy
KW  - Macroeconomics
KW  - Finance
KW  - Government policy
KW  - Financial crises
KW  - 21st century
KW  - Interest rates
KW  - Global Financial Crisis, 2008-2009
N1  - Title from publisher's bibliographic system (viewed on 14 Jan 2016)
N2  - Many of the assumptions that underpin mainstream macroeconomic models have been challenged as a result of the traumatic events of the recent financial crisis. Thus, until recently, it was widely agreed that although the stock of money had a role to play, in practice it could be ignored as long as we used short-term nominal interest rates as the instrument of policy because money and other credit markets would clear at the given policy rate. However, very early on in the financial crisis interest rates effectively hit zero percent and so central banks had to resort to a wholly new set of largely untested instruments to restore order, including quantitative easing and the purchase of toxic financial assets. This book brings together contributions from economists working in academia, financial markets and central banks to assess the effectiveness of these policy instruments and explore what lessons have so far been learned
UR  - https://doi.org/10.1017/CBO9781139044233
ER  -