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Erschienen in:
2020 | OriginalPaper | Buchkapitel
1. Monetary Policy in East Asia: Implementation Matters
verfasst von : Frank Rövekamp, Moritz Bälz, Hanns Günther Hilpert
Erschienen in: Monetary Policy Implementation in East Asia
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Abstract
When monetary policy was still largely confined to the setting of interest rates and conventional open market operations, monetary policy implementation could be considered a technical issue beyond the scope for academic analysis. This has changed with the advent of the so-called unconventional monetary policies such as Quantitative Easing (QE). The exact way of conducting such policies has a huge influence not only on financial markets, but also on the real economy and on fiscal affairs. Meanwhile, central bank communication has proven to be a major factor for the efficiency of monetary policy paths, and in this field, too, success depends to a large degree on proper implementation.