The Future of Monetary Policy: Lessons f

The Bank of Japan started unconventional monetary policy at the end of the 1990s, first, zero interest rate policy, quantitative easing, then a negative interest rate policy, and yield curve control. The Federal Reserve also introduced a zero interest rate policy as well as quantitative easing after the Lehman collapse. The ECB introduced a negative interest rate policy and quantitative easing like the Federal Reserve. Conventional Monetary Policy and Unconventional Monetary Policy have been adopted under different economic and financial conditions and have somewhat different transmission mechanisms. So, their different impacts on the economy and prices must be carefully analyzed. This course will do so, following experiences in Japan, the US, and the Eurozone、evaluating their achievement of policy objectives so that the future of conventional and unconventional monetary policy could be envisaged. This course is open to students of SIPA and Columbia Business School. Columbia Business School students interested in this course must add their names to the waitlist. The instructor will notify you if you are approved for registration.