Dr Jekyll and Mr Hyde is an examination of the duality of human nature Essay Example for Free

Dr Jekyll and Mr Hyde is an examination of the duality of human nature Essay Discuss the duality expressed not only in Dr Jekyll and Mr Hyde, but also in other characters. It is believed that there are two parts to a person; good and evil. In most people the good side is stronger and the evil side is repressed. In Dr Jekyll and Mr Hyde the repression of Dr Jekylls evil side has made it become much stronger and eventually when the evil side is released it takes over and changes the balance of good and evil in Dr Jekyll. The evil side becomes dominant. In the Victorian era science was a very interesting topic as Charles Darwin had just come forth with his theory of evolution and more facts about the evolution of man were being found out. Charles Darwin claimed that humans, over many years of time, had descended from the apes; this shocked many people in Victorian times as they were very religious and strongly believed in God, and felt like any other theory than the one in the Bible was unbelievable. In the novel Dr Jekyll and Mr Hyde the duality of human nature is shown as a split of good and evil. Robert Louis Stevenson shows that there are two sides to everyone; this is especially shown in Dr Jekyll. Dr Jekyll has a good side to him that his friends see, he is portrayed as a kind, sensible and well mannered man, but he also has a side of him that wants to break free and not have to be sensible and well mannered. The parts that Hyde is mentioned in the book are usually to do with crime or violence, and anyone who spoke of him felt that there was something strange and eerie about him. Our introduction to Hyde is him trampling a girl on the floor. Mr Hyde broke out of all bounds, and clubbed him to the earth. Hyde is described is compared to an Ape and other animals by many different people, it is almost as if when Jekyll transforms into Hyde he is evolving backwards, becoming more ape-like. Hyde is the personification of Jekylls evil side. It wasnt like a man; it was like some damned Juggernaut. Whereas Dr Jekyll is described as: A large, well-made, smooth-faced man of fifty, with something of a slyish cast perhaps, but every mark of capacity and kindness. Our introduction to Jekyll is at a dinner party, where he is civilised, sociable and elegant. As Jekyll is such a good man it is strange that he would let a man like Hyde have a key to his house so he may come and go whenever he pleases. Why does Hyde only enter the house through the laboratory door? It is also extraordinary that Jekyll did not mention Hyde to any of his other friends. Mr Utterson and Dr Lanyon have been friends with Dr Jekyll for many years but they both do not appear to have their own key to his house. It is suspicious that Hyde goes into Jekylls house in the middle night at comes out with a cheque signed by Dr Jekyll. Is Hyde blackmailing Jekyll? In Victorian times it is highly unlikely that anyone would have guessed that Dr Jekyll and Mr Hyde were the same man. This is because they have completely different characteristics and qualities; Hyde is short, whereas Jekyll is tall. But to the modern reader it is in some cases obvious that they are the same man; Hyde and Jekyll are never around at the same time. Other characters in the book who have met Mr Hyde describe him as wicked looking and having an impression of deformity without any nameable malformation. Mr Hyde appears to have some kind strange of aura about him; that makes other people around him nervous and scared. He was perfectly cool and made no resistance, but he gave me one look, so ugly that it brought out the sweat on me like running. Dr Jekyll, however, seems very sociable and pleasant to look at. But the reader knows that Dr Jekyll has a terrible secret. A secret that is so awful, it cause Dr Lanyon to break their friendship and eventually resulted in Dr Lanyons death. I am quite done with that person; and I beg that you will spare me any allusion to one whom I regard as dead. In the novel, before the revelation, Jekyll allows Hyde to become increasingly stronger. Jekyll finds that he cannot control the transformations, and they happen without him taking any of his potions. I was slowly losing hold of my original and better self, and becoming slowly incorporated with my second and worse. Not being able control the transformations means that Dr Jekyll is unable to see anyone, and when Mr Utterson and Mr Enfield see Dr Jekyll at his window, Jekyll begins to transform and has to slam the window shut before the other men see. But Mr Enfield and Mr Utterson did catch a momentary look of what was happening on the other side of the window. They saw it but for a glimpse, for the window was instantly thrust down; but that glimpse had been sufficient, and they turned and left the court without a word. Mr Utterson is a curious character in the novel. His friendship with Mr Enfield is particularly strange. It was reported by those who encountered them in their Sunday walks, that they said nothing, looked singularly dull, and would hail with obvious relief the appearance of a friend. It seems rather odd that the two men would go out every week, but do not seem to like each other. Mr Utterson must have some secrets and strange history that is not mentioned in the novel. And though he enjoyed the theatre, he had not crossed the doors of one for twenty years. Mr Utterson seems to keep himself to himself. He does not talk about his feelings and thoughts or his past, and to Mr Enfield he hardly talks at all. Yet when Mr Utterson has a drink at a dinner party something eminently human beaconed from his eye, this may be some part of him that wants to be expressed and let loose and he is just managing to repress it. After the revelation Dr Jekyll claims that man is not truly one, but truly two. He thinks that every soul contains two parts; good and evil. But one is always dominant. In the case of Dr Jekyll it appeared that the good side was the dominant side but after the transformations it was realised that really the evil side was dominant, and had somehow become stronger than the good side by being repressed for all those years. The novel Dr Jekyll and Mr Hyde shows a lot of different sides of the duality of human nature; good and evil, right and wrong. These differences are shown in many of the characters in the novel. The book emphasises the goodness of Dr Jekyll and evilness of Mr Hyde, however is also points to Mr Utterson and Dr Lanyon who both display moments when they too have unstable characters.

Death Of A Salesman 10 :: essays research papers

Death of a Salesman was a powerful play, written by Arthur Miller, which was produced in 1949. He establishes a serious tone towards his subject. Also, Miller sets an ambiguous attitude towards the audience. Miller established a very serious tone about the relationship between the father, Willy, and his son, Biff. Miller feels that a father should always be loved. However, Willy has filled his son with false values, emphasizing flashy success and personal popularity, like being star quarterback for his football team, at the cost of real effort and personal integrity, like when Biff flunked his math exam. He even taught Biff to steal, without even realizing it. “Willy:...[Biff] Go right over to where they’re building the apartment house and get some sand...Charley: Listen, if they steal any more from that building the watchman’ll put the cops on them!...Willy: You shoulda seen the lumber they brought home last week...';(50). As one can see, Willy is almost encouraging Biff to steal in order to make a new stoop. However, when Willy finds out Biff has been stealing other things, like the school’s football, he seems shocked. “Willy: What is he stealing?...Why is he stealing? What did I tell him? I never in my life told him anything but decent things.';(40). Because of the lack of morals, Willy had made it extremely difficult for Biff to love him, especially when he caught him with a women other than his mother. Nevertheless, he always loved his father, even when he totally ignored him. “Biff, crying, broken: Will you let me go, for Christ’s Sake?...Willy, astonished, elevated: Isn’t that-isn’t that remarkable? Biff-he liked me!...Happy, deeply moved: Always did, Pop';(133). When Biff was crying, it showed that he still loved his father, even though Willy is making it hard for him to live his own life. Happy’s quote shows that Biff always loved his father. As a result, Miller feels that no matter what circumstances, a son should always love his father. Miller set an ambiguous tone towards his audience. The audience must chose whether they pity or scorn Willy’s actions. For example, when Willy committed suicide, one can pity him because killing himself could have been an act of love for his family. Since he saw himself as an inadequate husband and father, Willy felt that his family would be better off without him in their lives. Also, by killing himself, his family would reap the life insurance benefits from his death for his family.

Critique of a research paper Essay

Issues that are to be studied during a research are usually expressed in a statement referred to as a research problem or research question (Lawn et al 2010). The researcher needs to have enough knowledge concerning the field in which he or she wants to contact a research in order for him or her to be able to come up with a research problem which is strong enough to be studied (Manzoni et al 2009; Partridge & Dickey, 2009). The researcher is supposed to come up with ideas which have not yet been researched on or which needs further development for him or her to be able to come up with a researchable topic. In most cases the research question or problem helps the public to have better insights in the studied field and even fills some knowledge gaps that may be existing in that field. Thus researchers are supposed to do thorough research to know what has already been researched on for them to be in a better position to make some improvement on the knowledge that exists. The problem to be studied should be significant to the general public and the professionals in the field of study. According to this study the research problem was: the impact of poor essential newborn care practices on neonatal mortality in rural Karnataka. This research problem is relevant in any medical profession since it addresses an important issue, which affects many healthcare systems in the world (Lawn et al 2010). As outlined in the paper many neonatal deaths occurs yearly resulting from careless or lack of knowledge on how to take care of these neonatal. Even though the authors point out that some research has been performed on this research topic, they point out the need to understand the local settings of concerned regions for better interventions to be undertaken since child birth is often tightly linked to traditions of concerned communities especially in the developing countries like India. Thus their research problem is still relevant given that no research has been done in such settings. Research design The case study research has employed both qualitative and quantitative research design. In qualitative research designs, answers are given to experiences related to humans (Kain, Gardner & Yates, 2009). Concepts like grounded theory, ethnography, case studies and phenomenology are covered in qualitative research designs (Manzoni et al 2009). This study used interviews to collect data. The interviews were recorded in text form which is a characteristic of qualitative research. Thus the research qualifies to be described as qualitative. The concepts covered in the study were ethnography and grounded theory. This is because in the paper, the researchers consider different ethnic groups found in rural Karnataka. Furthermore, the participants were interviewed on various cares they offer to neonatal after birth hence this cover the grounded theory concept since giving care is a social responsibility. Therefore the researchers were trying to answer the question on how different birth attendants carry out their services to newborns in rural Karnataka. Quantitative research involves collection of data in numerical form. The authors claim to have used this design to obtain preliminary data for carrying out qualitative research. Even though the authors state that they used quantitative research design it is not clearly stated the data collected since the paper only talks of administration of questionnaires of which we are not told the kind of information that was to be collected. Justification of use of both qualitative and quantitative research designs From the authors’ point of view, the use of quantitative design was aimed at providing evidence for need to carry out the qualitative research (Lawn et al 2010). It is also pointed out that the quantitative research confirmed earlier research on the same issue on neonatal mortality. Thus it seems the quantitative research was done to also confirm earlier studies on mortality related to newborn. On the other hand, the use of qualitative design is justified. This is because; obtaining data such as on breastfeeding, place of delivery, delivery hygiene, cord cutting, cord care, asphyxia and thermal care can only be done using qualitative methodology. Recruitment of study participants Recruitment of participants was based on pregnancy. All those who were pregnant and those who became pregnant during study period were allowed to voluntarily participate in the study. The study employed proactive research design for sampling purposes. This was used to prevent recall biases, which are common in retrospective research designs. Data collection Interviews, focused group discussions and questionnaires were used to collect data from eleven villages within rural Karnataka (Kain, Gardner & Yates, 2009). The method used to choose these villages is not stated in the paper and thus we do not know whether it was done using statistical methods or not. Interviews which were done were semi structured (Partridge & Dickey, 2009). They were thirty nine in total with thirteen targeting mothers who had delivered recently, ten targeting grandmothers, nine targeting birth attendants and seven targeting informants. The interviews to mothers lacked specificity in time frame especially to mothers who had delivered and therefore could have been prone to errors. In addition the authors do not outline on how they come with the different numbers that they administered the interviews to. Thus, the numbers may not be statistically significant. The five different questionnaires were administered to pregnant mothers at different times. Three of the questionnaires were administered prior to parturition, one was administered within five days after delivery and the last questionnaire was administered during postnatal period. It is not clear on how those involved in the delivery of the questionnaires knew when the mothers had given birth to administer them on time. In addition, the significance of the number of questionnaires administered is not justified statistically. Eight focused group discussions were undertaken in the study. Of these, three were among groups of mothers, two were among elders and one was carried out among birth attendants. The group discussions may have been exaggerated by some participants and therefore some of this data may be unreliable to some extent. Furthermore the choice of the number of discussion and the number of participants in the group discussion is not explained hence may be statistically insignificant (Jatana et al 2010). Data analysis From the paper, the authors state that they carried out framework in the analysis of their data. This is a type of data analysis is majorly used in the analysis of qualitative data. The versatility of the method allows it to be used in different qualitative data analysis. This method allows organization of data into structured transcripts. Credibility, auditability and fittingness The truths about the findings as judged by participants constitute the credibility of the study (Lawn et al 2010). This study is credible to some extent given that the source of data used to make the conclusion is not one, that is, pregnant mothers, birth attendants and grandmothers are utilized to get credible data (Kain, Gardner & Yates, 2009). However, the choice of the numbers of those involved in interviews, group discussions and the number of questionnaires administered raises credibility issues on the research. Thus, clarity is required pertaining these issues in related studies. If the information presented in the report is accountable then the research is auditable. The coherent of the report determines the auditability of the research paper. The authors of this paper tried their best to remain focused on the problem issue. Thus the paper is auditable. If the participants are faithful then the paper is fitting. From the excerpts from the interviews presented in the paper, the participants seem to be real in relation to daily realities. Thus, the paper is fitting. References Lawn, J. , Mwansa-Kambafwile, J. , Horta, B. , Barros F. & Cousens, S. (2010). ‘Kangaroo mother care’ to prevent neonatal deaths due to preterm birth complications. International Journal of Epidemiology, 39(Suppl_1): i144-i154. Kain, V. , Gardner, G. & Yates, P. (2009). Neonatal palliative care attitude scale: Development of an instrument to measure the barriers to and facilitators of palliative care in neonatal nursing. Pediatrics, 123(2): e207-e213 Jatana, K. , Oplatek, A. , Stein, M. , Philips, G. , Kang, R. & Elmaraghy, C. (2010). Effects of nasal continuous positive airway pressure and cannula use in the neonatal intensive care unit setting. Archives of Otolaryngology Head & Neck Surgery, 136(3): 287-291.

To What Extent Do Large Asset Purchases Affect Financial Markets Finance Essay - Free Essay Example

Sample details Pages: 8 Words: 2529 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Cause and effect essay Did you like this example? Introduction: This essay discusses whether and to what extent large asset purchases by a central bank may affect financial markets in theory and practice. This essay begins with an explanation of why central banks are engaging in unconventional policies, then, it explains the importance of the zero lower bound on interest rates with its past historical precedents. Moreover, it goes onto define quantitative easing (QE) and the differences between Credit easing and QE. Don’t waste time! Our writers will create an original "To What Extent Do Large Asset Purchases Affect Financial Markets Finance Essay" essay for you Create order For the final part, the paper expresses how QE works and through what channels might this affect the economy, taking into consideration a case study taken from the Bank of England. This essay will explain some strategies for developing markets such as unconventional monetary policies. At the time interbank degrees decrease to zero, or at what time a credit crisis or increase in risk premium impairs the usual program tool of fiscal strategy, these policies will be suitable. These policies actions include three wide types: Commitment effect: for example, to keep exact low interest rates for definite period, also temporarily or absolutely with stated commitments. Quantitative easing (QE): for example, pointing to the central banks level of recent account equilibriums. Qualitative or credit easing (CE): it is increasing liquidity in the goal market and buying of directed assets to lower rates. It besides measures the applicability of unconventional policies in the goal region , and it observes subjects linked to the exit strategy from unconventional policy. Greatest revisions of the commitment effect recommend that reports by a central bank concerning touch market prospects of interest rates and the duration of a policy of very low or zero interest rates, it has a large effect restricted to shorter-term rates. All of the collected works on the effects of quantitative easing monetary policy are less convincing, particularly easing(credit easing ) policy, and also the effect of expending outright buying of government bonds on bond produces looks limited. Nonetheless, there are more effective types of asset buying involvements in releasing markets tensions (Morgan, P 2009). The banks conventional monetary strategy process has ordinary allowance such as asset purchases. The bank of England offers reserves conferring to the demand from banks at the principal level of bank rate in usual conditions. To grow the supply of money in the economy there are a number of ways in repetition, and once interest rates are very low is an extensive kind of unconventional measures that a central bank may perhaps carry out (Yates 2003). Because of two reasons the central bank can go to take more unconventional monetary policy; First, cutting the rate to lower or higher. Second, decreasing central banks growth prediction. Monopoly provider of base money, determiner the price and quantity of supplied are conventional monetary policy of central bank. Therefor the enlargement of base money or commercial bank funds part of it is unconventional monetary policy. Therefore the central banks buy assets from private banks and private investor to expand marketable bank reserves. Also, the operation can be either occurring on a repo or outright basis, assets can be new or existing or private or public. At the moment there are three channels for unconventional monetary policy that is being discussed by central bankers; Demand for credit: this channel usually had influenced by the business cycle, borrowing costs, labour market conditions and asset prices (wealth effects); Supply of credit: it has three types of influence; these are included: 1. The condition of bank balance sheets (capital, liquidity, and funding), 2. The business cycle (default risk) 3. Asset prices (collateral valuation). The direct impact on inflation expectations: it must be say that is a huge part of the academic literature. In addition of above passages, central banks can provide credit directly to the non-financial private sector, for that ones work through the banking system. The inference of this literature for a continuous period is that by committing to a pointedly higher inflation impartial, also central banks can change secretive part inflation expectation higher. Certainly, this point was made forcefully by Bernanke (chairman of the US Federal Reserve) in a speech in 2002: the US government has a technology, called a pri nting press (or, today, its electronic equivalent), that allows it to produce as many US dollars as it wishes at essentially no cost. By increasing the number of US dollars in circulation, or even by credibly threatening to do so, the US government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. It is not clear how important this channel is predictable to be in the recent environment. Carrying out of the official government council offer of price balance and supporting employment are the one of the aims of new asset purchases program. Therefore, in chase of these aims, the central bank of each country must decide about the fiscal situation. For example, bank of England taken the target to achieve the England funds rate down close to zero by the late 2007;directed large-scale buying of longer-term securities throughout 2008 and early 2009;and by the late 2009 improved its reinve stment strategy to keep the England supplys balance sheet from reducing as mortgage-related securities or were transferred. Then In early November 2009, the board announced that it plans to buy an extra  £500 billion in longer -term reserves securities by the last of 2010. The monetary policy expands the money supply through large-scale asset purchases. If we have ready supply of assets to purchase it can be possible to insert a large quantity of money over a short period. In the gold market is where that there is a large extent of properties with similar features, agreeing large quantities to be purchased quickly are occurring the majority of the banks buying. Conversely, the bank is also buying private sector assets such as commercial paper and corporate bonds, albeit in smaller amounts. Also progressing situations in company credit markets by being ready buyer for such instruments is the aim of these buying. Moreover, in this way companies can enter credit easier and cheaper . The focus of these processes is to progress the running of these markets, slightly than to buying an exact quantity of assets (Baba,N 2005). Conventional monetary policy can have an effect on the economy. Inserting money into economy, in coming back for other assets, increases the liquidity of private sector balance sheets. This is the fundamental mechanism through which such a monetary expansion influences spending and promotes inflation. Money is highly liquid because it can easily be used to buy goods and services or other assets. The increase in private sector liquidity will depend on the liquidity of the assets that are being exchanged for money. There are a number of channels through which greater liquidity can have an impact. Three key channels are set out below. The transmission mechanism is also summarised in Chart 2. Asset values and portfolio effects. Buying of assets bankrolled by central bank money should increase the values of assets. Bank lending and quanti ty effects. As distinguished earlier, banks complete with higher reserve balances held at the bank of England as the cause of assets purchases. These shots of reserves may make it easier for banks to finance a higher level of liquid assets. A higher level of liquidity assets could boost them to spread out more new loans than they would then have done. Additional bank lending to families and businesses should help to maintenance higher ingesting and investment. Expectations. Asset buying could have an important influence on expectations. By representing that the Monetary policy committee (MPC) will do of any kind it takes to meet the inflation target, expectations of futures inflation should persist secured to target when there was a risk that they might or else have collapsed. Even with nominal interest rates fixed at very low levels, this would suggest that real interest rates are kept at a lower levels, which should boost greater spending. How do asset purchases work? It looks at by what means quantitative easing is estimated to work in the United Kingdom. Insert money into the economy so that to recover nominal spending is the aim of quantitative easing. The bank buys from private sectors and firms financial assets. At what time the bank with original central bank money compensations for assets that it buys from private firms, it is also increase the amount of payment that firms and family circle have besides increasing the amount of central bank money detained by the bank. The bank of England is the only dealer of central bank money in sterling. As well as bills, central bank money takes the form of reserve balances held by banks at the bank of England. These balances are used to make payments between different banks. The bank can create new money automatically by increasing the balance on the reserve account. So when the bank purchases an asset from a bank, for example it simply credits that banks reserve account with the additional funds. Th is makes a growth in the supply of the central banks money. Commercial banks hold deposits for their clients, which can be used by family circle and companies to buy goods and services or assets. These credits form the majority of what is known as broad money. If the bank of England buying an asset from a non-bank business, it pays for the asset via the vendors bank. It credits the reserve account of the vendors bank with the funds, and the bank credits the account of the vendor with a deposit. A systematized drawing of this run of funds is presented in Chart 1. Chart1. Run of funds for bank of England asset buying from a non-bank business. Vendors bank Credit vendors banks reserve Credit vendors account at the bank of England account (deposit) Bank of England Vendor (non-bank) This means that even though asset buying from banks rise the fiscal base (or narrow money), buying from non-banks rise the fiscal base and broad money at the same time .the expansion of broad money is a main fragment of the spread mechanism for quantitative easing. It should finally lead to a rise in asset prices and spending and so bring inflation back to goal. Chart2. Systematized spread mechanism for asset purchased Expectations Overall capital Inflation at 2% Asset values ( Produces) Cost of borrowing Spending and income Bank lending Money in the economy Bank of England asset buying For example ; if in England , a monetary policy committee (MPC) decided to reduce bank rate to 0.9% and to undertake what is sometimes called quantitative easing. This meant that it began purchasing public and private sector assets using central bank money. In this way, the board is inserting money into the economy to provide an additional motivation to nominal spending in order to meet the inflation target. The conventional way for the MPC to conduct monetary policy is by setting bank rate. The introduction of asset buying has shifted the focus of monetary policy, but the objectives have not changed. The MPCs concern is still to keep price stability-defined as an inflation rate of 3% on the CPI measure-and, subject to that, to support the governments economic policy, including its objectives for growth and employment. Asset purchases provide an extra instrument to help the committee meet those objectives. The MPC continues to decide on the appropriate level of bank rate each month and is independent of the government in formulating monetary policy. The following paragraphs present a case study of central bank of England: The bank of England is the only major central bank to have adopted quantitative easing during the current global financial crisis, as it set a target of  £75 billion for reserve deposits on 5 march 2009 and subsequently raised this to  £125 billion on 7 may 2009 and again to  £175 billion on 6 august 2009.figure 3 shows the spread between the three-month sterling London interbank offered rate (labour) and the base rate. The figure shows that the spread narrowed rapidly after 20th of March 2009, although it is not clear if this was affected by other factors as well. This may provide some evidence of the effectiveness of quantitati ve easing in reducing credit spreads. The bank of Englands (BoE) QE policy was actually a mix of both quantitative easing and qualitative easing; although it targeted the level of reserve deposits, it accomplished this primarily through purchases of UK government bonds (gilts) rather than short-term paper . Meier (2009) found these purchases to have been effective in lowering both gilt yields and interbank rate spreads. Chart 3: UK interbank interest rate range and monetary policy notices QE = quantitative easing; UK = United Kingdom; US = United States. The bank of England embarked on a large-scale program of purchasing UK government bonds (gilts) beginning in march 2009 in order to fund its target for central bank reserve deposits described above. Chart 4 shows the relationship between government bond yields and the level of reserve deposits. Its purchasing operations have been comparatively aggressive ,as the BoE accumulated about 17% of total tradable government bonds in about four months(Financial Times 2009).Nevertheless, bond yields still rose by about 30 basis points between march and July 2009, after the start of the bond purchases program, so the effect looks somewhat limited. Taking into account relative movements of US and European bond yields over the same period, Meier (2009) estimated those four months after the announcement of the QE policy, it had lowered gilt yields by a range of at least 35-60 basis points, significant, but not huge decrease. Chart 4: UK Government Bond Yield and BoE Reserve Deposits BOE=Bank of England; LHS=left-hand side; QE=quantitative easing; RHS=right-hand side; UK=United Kingdom; US= United States. Source: CEIC Data Co. Ltd. database Conclusion: In closing, the introduction of large-scale asset buying initiative using central bank money, or QE for short moved the focus headed for the quantity of money as well as the price of money. Inserting more money into the economy should boost spending, helping the MPC to carry inflation back to goal in the average period. The incentive is probable to happen over a number of postings, and the responses of those who receive the additional money balances will be a key to its total effectiveness. The more that families and businesses use the new money to buy properties and facilities or other items, the more it will advance spending. If banks use the extra reserves to expand their lending, the impact could be even stronger. Once interbank rates fall to zero, a central bank must count on other unconventional means to impart further easing stimulus to the economy. Furthermore, even if interbank rates are still helpful, the reality of a credit crisis may damage the normal spread mechanism o f monetary policy, calling for unconventional measures to break the deadlock. Unconventional monetary policy processes include three broad categories: 1, commitment effect, for example, commitments by the central bank to maintain very low interest rates for ascertain period, either conditionally or unconditionally; 2, quantitative easing . For example, targeting the level of current account balances of the central bank; 3, qualitative or credit easing, which involves purchases of targeted assets to lower rates or increase liquidity in the target market. The empirical literature examining the effectiveness of unconventional monetary policy is still limited.