People’s Bank of China stimulus (2009-2010): In response to the Great Recession, the People’s Bank of China implemented a stimulus package that included a reduction in the reserve requirement ratio for banks, as well as a series of interest rate cuts, in order to stimulate lending and investment.
1. Negative interest rates in Europe and Japan (2014-present): In an effort to boost inflation and stimulate economic growth, the central banks of several European countries, including the European Central Bank, and the Bank of Japan have implemented negative interest rates, which effectively charge banks for holding reserves and incentivize them to lend more.
1. Quantitative Easing (QE) by the U.S. Federal Reserve (2008-2014): In response to the Great Recession, the U.S. Federal Reserve implemented a series of QE programs that involved purchasing large quantities of government bonds and mortgage-backed securities to increase liquidity in the financial system and stimulate lending and investment.
European Central Bank (ECB) Long-Term Refinancing Operations (LTRO) (2011-2012): In an effort to alleviate the European debt crisis, the ECB implemented a series of LTROs that provided European banks with cheap long-term loans. The program was aimed at increasing liquidity in the financial system and encouraging lending to businesses and households.
1. Zero Interest Rate Policy (ZIRP) by the Bank of Japan (1999-2006): In response to a prolonged period of deflation and economic stagnation, the Bank of Japan implemented a ZIRP that kept the policy rate at or near zero for several years, in an effort to stimulate borrowing and investment.
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