SUERF Study 2011/3: 'Monetary Policy after the Crisis'

19 November 2011

This study presents the key findings of the conference, 'Monetary Policy after the Crisis', jointly organised by SUERF and the National Bank of Poland in Warsaw on 4 March 2011.

Three research questions are addressed in the paper:

1. What have we learnt from the crisis for the conduct of monetary policy?
2. What have we learnt from the crisis for the coordination of monetary, fiscal and macro-prudential policies?
3. How did the Monetary Transmission Mechanism during the crisis function, and what can we expect for the future?

Results are shown over the following six chapters:

• Monetary Policy after the Crisis - Ten Lessons from a Fixed-Exchange-Rate Regime.
• Macro-economic Policies and the Roots of the Global Crisis.
• Money Market Integration and Sovereign CDS Spreads Dynamics in the New EU States.
• Financial Asymmetries, National Divergences and Macro-economic Policy in a Monetary Union.
• The Impact of the Financial Crisis on the Monetary Transmission Mechanism: A case of Poland.
• Effectiveness of Unconventional Monetary Policies and their Impact on Long-Term Inflation Expectations.

Full study

 

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