The case for symmetrical monetary policy and its role in the new financial architecture

In recent years, monetary policy, as conducted by the large industrial countries in particular, has been increasingly influenced by the volatility of the global financial network. The fact that the G-4 central banks are, at the time of writing, all operating at or near the zero interest rate bound is more a reflection of their responses to various financial crises than changes in the inflation outlook. Primarily in times of crisis, central banks are forced to gear its course towards financial

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