What Next for Unconventional Monetary Policies? (Project-Syndicate)

Although interest-rate cuts and central-bank asset purchases were highly effective in resolving the 2008 financial crisis, they have proved utterly disappointing in the years since. At this stage, it should be clear that the sustained weakness of private-sector investment is not a problem central bankers can fix on their own.

https://www.project-syndicate.org/commentary/unconventional-monetary-policy-no-longer-effective-by-stephen-grenville-2019-11

Stephen Grenville, a former deputy governor of the Reserve Bank of Australia, is a non-resident fellow at the Lowy Institute in Sydney.

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