BIS research analyses unconventional policies


A Bank for International Settlements (BIS) working paper published on August 24 examines the effect of shocks to the central bank balance sheet on output and the price level, acknowledging that during the financial crisis they "basically replaced interest rates as the main policy instrument".

The authors, Leonardo Gambacorta, Boris Hofmann and Gert Peersman, find that in crisis periods, unconventional policies lead to a "significant but temporary rise in output and prices".

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