000			01224nam a22001457a 4500
999			_c520706 _d520706
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100			_aBhattarai, Saroj and Neely, Christopher J. _934802
245			_aAn analysis of the literature on international unconventional monetary policy
260			_aJournal of Economic Literature
300			_a 60(2), Jun, 2022: p.527-597
520			_aThis paper evaluates the literature on international unconventional monetary policies (UMPs). Introducing market segmentation, limits-to-arbitrage, and time-consistent policy in standard models permits a theoretical role for UMP. Empirical studies provide compelling evidence that UMPs influenced international asset prices and tail risk in the desired manner. Calibrated modeling and vector autoregressive (VAR) exercises imply that these policies also improved macroeconomic outcomes. We assess the recent debate on the empirical evidence and discuss central bank assessments of UMP. Despite qualified successes, we recommend that UMP be reserved for crises and/or when the zero bound constrains conventional monetary policy. – Reproduced
773			_aJournal of Economic Literature
906			_aMONETARY POLICY
942			_cAR