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1、Chapter23ModernMonetaryPolicyandtheChallengesFacingCentralBankersLearningObjectivesUnderstand...LO1ThemonetarypolicytransmissionmechanismLO2Policychallenges,including:AssetpricebubblesThezerointerestrateboundTheevolutionofthefinancialsystemAswesawearlier,thefinancialcrisisof20
2、07–2009andtherecessionittriggeredwerebyfarthemostwidespreadandcostlysincetheGreatDepression.And,althoughthefinancialdisruptionsbeganintheUnitedStates,theyspreadtoalmostallcornersoftheglobaleconomy.Indeed,thepeak-to-troughdeclineofGDPwasgreaterinmanycoun-triesthanintheUnitedSta
3、tes(seePanelAofFigure23.1).ThesubsequentcrisisintheeuroareatriggeredevenlargereconomiclossesinGreece,Ireland,Italy,Portugal,andSpain.Theresponseofmonetarypolicymakerswaslikewiseunprecedented.Interbanklendingrates—thetargetofcentralbankpolicy—plungedtowardzerointheUnitedStates,
4、Japan,andmuchofEurope(seePanelBofFigure23.1).Andmanycentralbanksdeployedunconventionalmonetarypolicytools—includingforwardguidance,quantitativeeasing,andtargetedassetpurchases—tocompensateforthecollapseofintermediationandthefragilityoffinancialmarkets.Althoughmonetarypoliciesf
5、ailedtopreventtheglobalcrisis,theyneverthelesshelpedtocontainit.Aroundmid-2009,theworldwideplungeinGDPbottomedout,andmosteconomiesbegangrow-ingagain.Some,likeChina’s,hadregainedstrengthevenearlier,partlybecauseofanextraordinaryfiscalexpansion.Similarly,thethreatofanimminentbre
6、akupoftheeuroarearecededinthelatterhalfof2012followingtheECB’sextraordinaryinterventions(seeChapter16).Yet,manyobserversworriedthattheaftermathofthesefinancialcriseswoulddimtheeconomicoutlookforyearstocome.Someoftheconcernsstemmedfromthede-teriorationoffiscalconditions—anumber
7、ofcountriesrackeduprecordfiscaldeficitsandsurgesingovernmentdebtinreactiontothecrisis.Butthedamagetotheglobalfinancialsystemposedatleastasbigandpervasiveaproblem.cec2174X_ch23_649-674.indd64925/11/135:45PM650lChapter23ModernMonetaryPolicyandtheChallengesFacingCentralBankersFig
8、ure23.1EconomicActivityandPolicyRatesintheFinancialCrisisof20
