Monetary expansion: Is the sky the limit?


Since 2007, central banks in advanced countries have undertaken unprecedented monetary loosening. This involved three key measures. The first was the reduction of policy interest rates at a rapid pace to levels close to zero, later combined with forward guidance. Next, special lending facilities were offered to meet increased liquidity demands amid the crisis. Unconventional policy has continued through the third measure, successive quantitative easing (QE) programmes, aimed at supporting growth

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