Chadha & Holly (Eds.) - Interest Rates, Prices and Liquidity; Lessons from the Financial Crisis (2012).pdf

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Interest Rates, Prices and Liquidity
Many of the assumptions that underpin mainstream macroeconomic
models have been challenged as a result of the traumatic events of the
recent
financial
crisis. Until recently, it was widely agreed that short-term
interest rates were a sufficient instrument of monetary policy. However,
early on in the
financial
crisis interest rates effectively hit zero per cent
and so central banks had to resort to a set of largely untested instruments,
the purchase of
financial
assets under quantitative easing (QE). This
book brings together contributions from economists working in aca-
demia,
financial
markets and central banks to assess the effectiveness of
these policy instruments and to explore what lessons have so far been
learned.
j
agjit
s
.
c
hadha
is Professor of Economics at the University of Kent,
Canterbury.
s
ean
h
olly
is Professional Fellow at Fitzwilliam College and Director
of Research at the Faculty of Economics, University of Cambridge.
Macroeconomic Policy Making
Series editors
Professor JAGJIT S. CHADHA
University of Kent, Canterbury
Professor SEAN HOLLY
University of Cambridge
The 2007–2010
financial
crisis has asked some very hard questions of modern
macroeconomics. The consensus that grew up during
‘the
Great Moderation’
has proved to be an incomplete explanation for how to conduct monetary policy in
the face of
financial
shocks. This series brings together leading macroeconomic
researchers and central bank economists to analyse the tools and methods neces-
sary to meet the challenges of the post-
financial
crisis world.
Interest Rates, Prices
and Liquidity
Lessons from the Financial Crisis
Edited by
Jagjit S. Chadha and Sean Holly
cambridge university press
Cambridge, New York, Melbourne, Madrid, Cape Town,
Singapore, São Paulo, Delhi, Tokyo, Mexico City
Cambridge University Press
The Edinburgh Building, Cambridge CB2 8RU, UK
Published in the United States of America by Cambridge University Press,
New York
www.cambridge.org
Information on this title:
www.cambridge.org/9781107014732
© Cambridge University Press 2012
This publication is in copyright. Subject to statutory exception
and to the provisions of relevant collective licensing agreements,
no reproduction of any part may take place without the written
permission of Cambridge University Press.
First published 2012
Printed in the United Kingdom at the University Press, Cambridge
A catalogue record for this publication is available from the British Library
Library of Congress Cataloguing in Publication data
Interest rates, prices and liquidity : lessons from the
financial
crisis / edited by
Jagjit S. Chadha, Sean Holly.
p. cm.
–
(Macroeconomic policy making)
Papers presented at a conference held in Cambridge, England in Mar. 2010.
ISBN 978-1-107-01473-2 (hardback)
1. Interest rates. 2. Monetary policy. 3. Global Financial Crisis, 2008–2009.
I. Chadha, Jagjit. II. Holly, Sean. III. Title.
HG1621.I588 2012
339.5
0
–dc23
2011030680
ISBN 978-1-107-01473-2 Hardback
Cambridge University Press has no responsibility for the persistence or
accuracy of URLs for external or third-party Internet websites referred to
in this publication, and does not guarantee that any content on such
websites is, or will remain, accurate or appropriate.

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