Unconventional monetary policies were used extensively to deal with the Global Crisis. This column presents the results of a study by the IMF’s Independent Evaluation Office which assessed the value provided by the IMF in its advice on unconventional monetary policies over the past decade. While in many ways the IMF’s response to an unprecedented challenge to monetary policymakers was impressive, limited depth of expertise on monetary policy issues and high turnover of country teams were an issue. The IMF could have also done more to explore alternative policy mixes and to support better smaller advanced economics and emerging markets.
Charles Collyns, Prakash Loungani