Indeed, the reaction of central banks to the crisis often resulted in remarkable technical innovations designed to improve the operational framework of monetary policy. However, the typology established several years ago by B. Bernanke and his colleagues remains valid. According to these...

A key issue in current research about quantitative easing monetary policy (QEMP) is the ability of this strategy to impact the term structure of interest rates. Using a dynamic model for the yield curve with time-varying-parameters to the Japanese data, we provide three insights. First, the...