Challenges in implementation of unconventional monetary policy instruments in post crisis environment

Abstract

Global financial crisis has led central banks to rethink their monetary policy framework. Nowadays is discussed the possibility of adding unconventional measures to the traditional toolkit of monetary policy. However the main objections rest on still unsolved practical problems which brings the implementation of these measures under normal conditions. And, mainly, they should be integrated into the overall framework of the monetary policy and coordinated with over measures. The aim of the paper is to set out new approaches to study the challenges implied by the implementation of unconventional monetary policy measures, their inter-relations with traditional tools and their effects on attainment of the strategic goals of monetary policy, in the post crisis environment.