Den Haan, Wouter, Ellison, Martin, Ilzetzki. Ethan, McMahon, Michael, Reis, Ricardo, (2016), “The future role of unconventional monetary policy: CFM Survey results”, Voxeu, 17 May
Quantitative easing is called ‘unconventional monetary policy’, but monetary policy could get much more ‘unconventional’. Things like ‘helicopter money’, abolishing currency and negative nominal interest rates have entered the public policy debate. This column reports the views of leading experts on the future role of unconventional monetary policy, and what might be called ‘unconventional unconventional monetary policies’. Opinions are divided. There is a healthy dose of scepticism on the effectiveness of current and future policies, but also many respondents express urgency that central banks should have more policy tools to affect inflation and real activity when the need arises. Ultimately, the experts’ hesitations match those of central banks.
Relevant Posts
- Cukierman, Alex, (2016), “Global Crisis in the US vs the Eurozone: Banks and monetary policy”, VoxEu, 16 Αpril
- Roubini, Nouriel, (2016), “Unconventional Monetary Policy On Stilts”, Social Europe, 5 Αpril