LOS DESAFÍOS PARA LA POLÍTICA MONETARIA EN LAS ECONOMÍAS AVANZADAS TRAS LA GRAN RECESIÓN ()

After more than five years of near-zero official interest rates and numerous unconventional stimuli, in 2014 the process of monetary normalization has begun in the US, and the date for the UK interest rate hike will come earlier than previous expected. However, additional expansionary measures are being contemplated both in Japan and the euro zone. This article first provides a review of the various programs of extraordinary monetary policy conducted by the major central banks in advanced economies in response to the global financial crisis; secondly, it exposes the risks associated with the extension of the existing measures and raises some questions about the gradual withdrawal of these stimuli; and lastly, it offers some lessons about the conduct of monetary policy in the future.