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Unconventional monetary policy: How well did it work?

Past Event

Introduction, Paper Presentation, & Panel Discussion: Unconventional Monetary Policy in the Great Recession and Beyond

Introduction, Paper Presentation, & Panel Discussion: Unconventional Monetary Policy in the Great Recession and Beyond
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Introduction, Paper Presentation, & Panel Discussion: Unconventional Monetary Policy in the Great Recession and Beyond

Paper Presentation & Panel Discussion: Unconventional Monetary Policies in the Euro Area, Japan, and the U.K.
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Paper Presentation & Panel Discussion: Unconventional Monetary Policies in the Euro Area, Japan, and the U.K.

After pushing short-term interest rates down to zero, the Federal Reserve Bank and the central banks in the United Kingdom, Europe, and Japan experimented over the past decade with an unprecedented set of monetary tools that come to be known as “unconventional monetary policy” – forward guidance about future policies, quantitative easing or large-scale asset purchases, negative interest rates. The time has come to step back and ask how well these unconventional monetary policies worked, and whether central banks should use them in the future. To answer those questions, the Hutchins Center on Fiscal & Monetary Policy has commissioned two papers that are forthcoming in the Journal of Economic Perspectives.

On Wednesday, October 17, the Hutchins Center hosted an event at which the authors of those papers – Ken Kuttner of Williams College, who wrote about the United States, and Giovanni Dell’Ariccia, Pau Rabanal, and Damiano Sandri of the International Monetary Fund, who wrote about the rest of the world – presented their findings and discussed them with a panel of monetary policy experts.

Agenda

Introduction

Paper Presentation

Unconventional Monetary Policy in the Great Recession and Beyond

Paper Author

Kenneth N. Kuttner

Robert F. White Class of 1952 Professor of Economics - Williams College

Respondent

Anna Cieslak

Assistant Professor of Finance - The Fuqua School of Business, Duke University

Respondent

Kenneth West

John D. MacArthur and Ragnar Frisch Professor of Economics - University of Wisconsin

Panel Discussion

Unconventional Monetary Policy in the Great Recession and Beyond

Anna Cieslak

Assistant Professor of Finance - The Fuqua School of Business, Duke University

Kenneth N. Kuttner

Robert F. White Class of 1952 Professor of Economics - Williams College

Kenneth West

John D. MacArthur and Ragnar Frisch Professor of Economics - University of Wisconsin

Paper Presentation

Unconventional Monetary Policies in the Euro Area, Japan, and the U.K.

Paper Author

Damiano Sandri

Senior Economist - Western Hemisphere Department, International Monetary Fund

Respondent

Ben Broadbent

Deputy Governor - Monetary Policy, Bank of England

Panel Discussion

Unconventional Monetary Policies in the Euro Area, Japan, and the U.K.

S
Moderator

Stephanie Curcuru

Assistant Director - International Finance, Federal Reserve Board

Ben Broadbent

Deputy Governor - Monetary Policy, Bank of England

Pau Rabanal

Deputy Division Chief - Research Department, International Monetary Fund

Damiano Sandri

Senior Economist - Western Hemisphere Department, International Monetary Fund

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