Unconventional monetary policy reviewed
The debate over unconventional monetary policy has been complicated because of the lack of a single set of definitions and mandates for various policy tools, argue Claudio Borio and Piti Disyatat, two economists at the Bank for International Settlements (BIS). In a working paper published by the BIS in November, the pair outline a framework for categorising monetary policy tools which they argue sheds light on the differences between various mechanisms, and sees the channels of transmission more
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