In recent years central banks have eased monetary policy by conducting large-scale asset purchases and offering banks credit on affordable terms. These measures promote price stability and facilitate economic growth and employment.
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The existence of a lower bound for nominal interest rates complicates the monetary policy. Central banks have lately tried to circumvent this problem by applying non-standard monetary policy measures.
Central banks have acted forcefully to provide monetary accommodation. With little room for manoeuvre for standard interest rate policy, unconventional measures have been adopted.