Comparative Empirical Research on the Macro-economic Effect of Not-traditional Monetary Policy

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After the failure of Lehman Brothers Holdings Inc. in September, 2008, the world economy experienced a large and serious recession and financial crisis. The central banks of major countries adopted "the non-traditional monetary policy" immediately to stabilize the financial system and stimulate the economy. As a result of having investigated the relationships between the policy response of the central bank and the policy effect on the market, the empirical results were as follows. (1) After the Federal Reserve Board carried out a non-traditional relaxation policy, the middle- and long-term interest rates fell, and the volatilities of the short- and middle- term interest rates fell down. (2) After the European Central Bank reduced the policy interest rate, the stock prices did not rise.