QE was ‘a step in the dark’, Rajan tells BIS
The effects of quantitative easing (QE) are still not fully understood and the decision to first launch the policy was muddied by politics, according to Raghuram Rajan, a professor of finance at the University of Chicago and former International Monetary Fund (IMF) chief economist.
Delivering the first Andrew Crockett Memorial Lecture at the Bank for International Settlements, Rajan said unconventional policies such as QE have "truly been a step in the dark". "We cannot be sure of their value,"
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