Monetary Policy in the Twenty-First Century

@inproceedings{1389334,
   author = {Schweigl, Johan and Blažek, Jiří},
   address = {Brno},
   booktitle = {The Financial Law Towards Challenges of the XXI Century},
   doi = {http://dx.doi.org/10.5817/CZ.MUNI.P210-8516-2017},
   edition = {1},
   editor = {Michal Radvan, Jolanta Gliniecka, Tomasz Sowiński, Petr Mrkývka},
   keywords = {Monetary Policy; Financial Crises of 2007-2009; Euro Area Sovereign Debt Crises; Central Banks; ECB; Federal Reserve System; Bank of England; Czech National Bank; Quantitative Easing; Negative Key Rates; FX Intervention; Interbank Market; Key Rates},
   howpublished = {tištěná verze "print"},
   language = {eng},
   location = {Brno},
   isbn = {978-80-210-8516-9},
   pages = {86-96},
   publisher = {Masarykova univerzita, Právnická fakulta},
   title = {Monetary Policy in the Twenty-First Century},
   url = {https://www.law.muni.cz/sborniky/Radvan_Financial_challenges.pdf},
   year = {2017}
}

TY  - JOUR
ID  - 1389334
AU  - Schweigl, Johan - Blažek, Jiří
PY  - 2017
TI  - Monetary Policy in the Twenty-First Century
PB  - Masarykova univerzita, Právnická fakulta
CY  - Brno
SN  - 9788021085169
KW  - Monetary Policy
KW  - Financial Crises of 2007-2009
KW  - Euro Area Sovereign Debt Crises
KW  - Central Banks
KW  - ECB
KW  - Federal Reserve System
KW  - Bank of England
KW  - Czech National Bank
KW  - Quantitative Easing
KW  - Negative Key Rates
KW  - FX Intervention
KW  - Interbank Market
KW  - Key Rates
UR  - https://www.law.muni.cz/sborniky/Radvan_Financial_challenges.pdf
L2  - https://www.law.muni.cz/sborniky/Radvan_Financial_challenges.pdf
N2  - The central banks carrying out monetary policy have already faced numerous extraordinary challenges in the Twenty-first century. As it is with many issues in the economy, most of these challenges are interconnected. Having to deal with the financial crises of 2007-2009, euro area sovereign debt crises, or low inflation or even deflation pressures, the central banks had to adopt certain Unconventional monetary policy tools. In this paper, after presenting a brief overview of some the recent monetary policy actions taken by the central banks, the author ponders over the following questions: What is going to happen after the inflation target is reached? Will the central banks return to using the conventional tools only? What may be the other challenges of monetary policy in the Twenty-first century? The authors come to conclusion that the monetary policy is not going to return to the one prior to 2008. The future monetary policy will be strongly influenced by the macroprudential policy and new central bank issued "digital currency".
ER  - 

SCHWEIGL, Johan a Jiří BLAŽEK. Monetary Policy in the Twenty-First Century. In Michal Radvan, Jolanta Gliniecka, Tomasz Sowi\'nski, Petr Mrkývka. \textit{The Financial Law Towards Challenges of the XXI Century}. 1. vyd. Brno: Masarykova univerzita, Právnická fakulta. s.~86-96. ISBN~978-80-210-8516-9. doi:10.5817/CZ.MUNI.P210-8516-2017. 2017.