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Monetary Policy after the Great Recession - The Role of Interest Rates (Hardcover)
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Monetary Policy after the Great Recession - The Role of Interest Rates (Hardcover)
Series: Routledge International Studies in Money and Banking
Expected to ship within 9 - 15 working days
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Walter Bagehot noticed once that "John Bull can stand many things,
but he cannot stand two per cent." Well, for several years, he has
had to stand interest rates well below that, in some countries even
below zero. However, despite this sacrifice, the economic recovery
from the Great Recession has been disappointingly weak. This book's
aim is to answer this question. The central thesis of the book is
that the standard understanding of the monetary transmission
mechanism is flawed. That understanding adopts erroneous
assumptions-such as, that low interest rates always stimulate
economic growth by boosting the credit supply, investment, and
consumption-and does not fully take into account several unintended
channels of monetary policy, such as risk-taking, high level of
debt, or zombification of the economy. In other words, the
effectiveness of monetary policy is limited during economic
downturns accompanied by the debt overhang and the balance sheet
recession, and generates negative effects, which can make the
policy counterproductive. The author provides a thorough analysis
of the issues related to the interest rates in the conduct of
monetary policy, such as the risk-taking channel of monetary
policy, the portfolio-balance channel and the wealth effect, zombie
firms in the economy, the misallocation of resources, as well as
the neutral interest rate targeting and the difference between the
neutral and natural interest rate and the negative interest rate
policy. The book is written in an accessible and engaging manner
and will be a valuable resource for scholars of monetary economics
as well as readers interested in (unconventional) monetary policy.
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