Assessing monetary policies in the Eurozone, U.S., U.K. and Japan: new evidence from the post-crisis period

摘要

The global financial crisis of 2007 changed the way central banks implement monetary policies. This article examines the transmission of both conventional and unconventional monetary policies for the Eurozone, the U.S., the U.K. and Japan. We additionally study the impact of quantitative easing on financial stability and real economic activity. Our results suggest that conventional monetary policy pass-through channels were distorted significantly in the post-crisis period. We further argue that quantitative easing reduced the long-term rates and averted a further downturn in economic activity. Specifically, the series of central banks quantitative easing contributed to the stimulation of economic activity and restored the traditional financial markets' function.