What We've Learned About Unconventional Monetary Policy
What We've Learned About Unconventional Monetary Policy
In a recent BloombergView piece, Noah Smith writes that: “It’s becoming clearer that the Fed's experiments during the Great Recession, dramatic as they were, taught us little about how monetary policy works.” In this post, I argue an alternative perspective. I describe three lessons that we’ve learned since late 2008:
- unconventional monetary policy tools don’t have extreme downside risks
- central banks can control inflation . . .
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