Doves vs hawks: IMF advice on unconventional monetary policy

IMF HQ 2
The IMF’s “HQ2” in Washington, DC
Henrik Gschwindt de Gyor/IMF

The paper by professor Larry Ball released by the Independent Evaluation Office as part of its recent major review of the International Monetary Fund’s advice on unconventional monetary policies is a gem. Using internal as well as published papers, and drawing on extensive interviews with the key protagonists, Ball has written a terse, analytical and most insightful account of how the debate between monetary policy “doves” (worried about the risks of deflation) and “hawks” (worried about the

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