Monetary easing does not prompt crisis recovery, says BIS paper


Monetary easing does not lead to economic recovery after a financial crisis, according to a working paper released by the Bank for International Settlements (BIS) today (September 27).

The authors, Morten Bech, Leonardo Gambacorta and Enisse Kharroubi, analysed how the use of monetary policy yields different results in downturns associated with a ‘financial crisis' compared with a ‘normal' downturn.

Bech, Gambacort and Karroubi found that monetary easing is followed by a stronger recovery in

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