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Tools of monetary policy and problems of them working properly

(Specification: Unconventional monetary policy)

1. Introduction: monetary policy as part of the government stabilization policy.

2. Conventional monetary policy: tools, monetary transmission mechanism (in brief).

3. Situations when conventional monetary policy becomes ineffective: liquidity trap, zero bound problem, etc. Case-study: Japan (late 1990s), USA (recent crisis).

4. Unconventional monetary policy measures: quantitative easing, credit easing, signaling, etc. Case-study: the use of unconventional monetary policy in Japan (late 1990s) and in the U.S. (during the recent crisis), evaluation of it`s effectiveness.

5. Summary and conclusion.

Bibliography

Published works:

1. “U.S. Monetary policy: An introduction”, Federal Reserve Bank of San-Francisco, 2004.

2. “Unconventional monetary policy measures”. Focus, Banque de France. No.4 (2009).

3. Henderson D.R., Hummel J.R, “Greenspan`s monetary policy in retrospect: discretion or rules?”, CATO Institute briefing papers, No.109, 2008.

4. Ionete C. “Modern challenges of the monetary policy”, Finance – challenges of the future, No.8 (2008), pp. 9-12.

5. Ito T. “Japanese monetary policy: 1998-2005 and beyond”, BIS Papers, No. 31, pp. 105-132.

6. Kuttner K.N., Mosser P.C., “The monetary transmission mechanism: some answers and further questions”, FRBNY Economic Policy Review, 2002.

7. Loisel O., Mesonnier J.-S., “Unconventional monetary policy measures in response to the crisis”, Current issues (Questions actuelles), No. 1 (2009).

8. Meltzer A.H., “Politics and the Fed”, Journal of Monetary Economics, No.58 (2011), pp. 39-48.

9. Mishkin F.S., “The channels of monetary transmission: lessons for monetary policy”, Banque de France bulletin digest, No. 27 (1996), pp. 33-44.

Research papers:

10. Bates S., Vaugirard V., “Monetary...
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