Unconventional monetary policy tools

A Working Group chaired by Simon M Potter (Federal Reserve Bank of New York) and Frank Smets (European Central Bank) publish CGFS Paper No 63 with the title: Unconventional monetary policy tools: a cross-country analysis.

The report presents the working group’s summary of central banks’ shared understanding of the efficacy of UMPTs. It focuses on four sets of tools: negative interest rate policies, new central bank lending operations, asset purchase programmes, and forward guidance. It reviews the experience with these tools across countries, as well as the way that they were sequenced and coordinated.