BIS paper: unconventional policies may have depressed natural rate

The Bank for International Settlements, Basel
The BIS in Basel, Switzerland
Photo: Ulrich Roth

Economists at the Bank for International Settlements present evidence that unconventional monetary policies (UMPs) may have impacted the natural rate in a new working paper, published on January 19.

The study sets out to judge how the strength of “key links” in the monetary transmission mechanism vary over time. In the paper, UMPs first impact sovereign yields and then bank lending rates, which then feed through to output growth and inflation. A key innovation is that sovereign yields and bank

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.