Monetary and Currency Policy Management in Asia
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Monetary and Currency Policy Management in Asia

Edited by Masahiro Kawai, Peter J. Morgan and Shinji Takagi

This book makes concrete macroeconomic policy recommendations for Asian economies aimed at minimizing the impacts of an economic and financial downturn, and setting the stage for an early return to sustainable growth. The focus is on short-term measures related to the cycle. The three main areas addressed are: monetary policy measures to achieve both macroeconomic and financial stability; exchange rate policy and foreign exchange reserve management, including the potential for regional exchange rate cooperation; and ways to ease the constraints on policy resulting from the so-called ‘impossible trinity’ of fixed exchange rates, open capital accounts and independent monetary policy.
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Chapter 2: The Role and Effectiveness of Unconventional Monetary Policy

Peter J. Morgan

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2. The role and effectiveness of unconventional monetary policy Peter J. Morgan 2.1 INTRODUCTION The global financial crisis of 2007–2009 was perhaps unique in that it saw short-term interest rates fall to nearly zero in a number of countries. Cou...

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