TAILIEUCHUNG - Unconventional Choices for Unconventional Times: Credit and Quantitative Easing in Advanced Economies

We apply our method in a variety of bank credit decisions: the credit capacity decision for a constrained consumer, the credit limit for new credit card products, and the monthly pay- ments a§ordable for a mortgage borrower. We choose these settings to focus in on loan product customers whose credit application outcome is determined by the bank (supply determined). Furthermore we apply our analysis to this variety of settings to produce population represen- tative results. For example, on the Örst count, we have many applications in which the amount of loan requested is lower than the amount received. On the latter issue of representativeness, we argue that. | Unconventional Choices for Unconventional Times Credit and Quantitative Easing in Advanced Economies Vladimir Klyuev Phil de Imus and Krishna Srinivasan I N T E R N AT I O N A L M O N E T A R Y F U N D INTERNATIONAL MONETARY FUND Unconventional Choices for Unconventional Times Credit and Quantitative Easing in Advanced Economies1 Prepared by the Research and Monetary and Capital Markets Departments Vladimir Klyuev Phil de Imus and Krishna Srinivasan Authorized for distribution by Olivier Blanchard November 4 2009 DISCLAIMER The views expressed herein are those of the authors and should not be attributed to the IMF its Executive Board or its management. With policy rates close to the zero bound and the economies still on the downslide major advanced country central banks have had to rely on unconventional measures to stabilize financial conditions and support aggregate demand. The measures have differed considerably in their scope and have inter alia included broad liquidity provision to financial institutions purchases of long-term government bonds and intervention in key credit markets. Taken collectively they have contributed to the reduction of tail risks following the bankruptcy of Lehman Brothers and to a broad-based improvement in financial conditions. Central banks have adequate tools to effect orderly exit from exceptional monetary policy actions but clear communication is central to maintaining well anchored inflation expectations and to ensuring a smooth return to normal market functioning. JEL Classification Numbers E44 E52 E58 Keywords Credit easing quantitative easing liquidity monetary policy Author s E-mail Address vklyuev@ pdeimus@ ksrinivasan@ 1 We would like to thank Olivier Blanchard Stijn Claessens Charles Collyns Jorg Decressin Hamid Faruqee Akito Matsumoto André Meier and David Romer for helpful comments and contributions and David Reichsfeld for excellent research assistance. CONTENTS Page I. II. Options .

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