摘要 :
This article discusses the immediate and the longer-term future of monetary policy. It first reviews the policies adopted by central banks in the wake of the financial crisis, focusing on balance sheet policies and forward guidanc...
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This article discusses the immediate and the longer-term future of monetary policy. It first reviews the policies adopted by central banks in the wake of the financial crisis, focusing on balance sheet policies and forward guidance, and then discusses the exit from these policies and the associated challenges. Finally, an outlook on the possible long-term design of monetary policy is provided.
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摘要 :
With the fall of the Iron Curtain in 1989, Austria's strategic position in Europe shifted from the 'dead end of the West' right into the centre of the 'new' Europe. Given Austria's central location but also its strong historical a...
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With the fall of the Iron Curtain in 1989, Austria's strategic position in Europe shifted from the 'dead end of the West' right into the centre of the 'new' Europe. Given Austria's central location but also its strong historical and cultural ties with central, eastern and south-eastern Europe (CESEE), Austrian businesses were among the first to identify the economic potential of the CESEE region and to expand their activities into these new markets.
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摘要 :
Since the beginning of the financial and economic crisis in 2007-2008, central banks all over the world have proven creative in finding new tools to handle exceptional circumstances. After having reduced their policy rates close t...
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Since the beginning of the financial and economic crisis in 2007-2008, central banks all over the world have proven creative in finding new tools to handle exceptional circumstances. After having reduced their policy rates close to their effective lower bounds, central banks provided additional monetary policy accommodation using a variety of tools. The Eurosystem, for example, has offered central bank liquidity with maturities of up to four years and stands ready to meet commercial banks' demand in full. Another avenue many central banks have pursued has been reducing term premia and risk premia of assets they have been purchasing on a large scale. To compensate for various disruptions in the transmission mechanisms, central banks have been buying mortgage-backed securities, government bonds, corporate bonds, and more.
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