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Workshop

“Unconventional Central Bank Policy during the Global Financial Crises”

Namur, October 16, 2012

 Alain DURRE and Christelle LECOURT, Organizers 

« Extraordinary times call for extraordinary measures » (Bernanke, 2009). In the face of severe dislocations in financial markets and deep declines in economic activity, extraordinary measures have been taken by several central banks (European Central Bank, Bank of England, Federal Reserve, Swiss National Bank) such as to lower short-term rates essentially to their zero lower bound. They also used nonstandard or “unconventional” monetary policies, that’s tools other than the short-term policy rate aimed to influence interest rates and economic activity. This workshop aims to bring together academics and practitioners to present and discuss what are these unconventional central bank policies practiced during the recent financial crisis: why implement unconventional policy measures? What are the main characteristics of unconventional measures? How are unconventional measures implemented (quantitative easing and credit easing)? How and when central banks need to unwind the extra monetary stimulus?