Monetary policy's 'new normal' will challenge central bank independence, say IMF staff

IMF headquarters in Washington, DC

A staff discussion paper released today by the IMF takes stock of the "intense discussion about what shape monetary policy should take once economic conditions have settled down into the post-crisis ‘new normal'" – ultimately raising "more questions than it provides answers".

The authors of Monetary Policy in the New Normal: Tamim Bayoumi, Giovanni Dell'Ariccia, Karl Habermeier, Tommaso Mancini-Griffoli, Fabián Valencia, and an IMF staff team, address the following questions:

Should there be new

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