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Progress and ConfusionThe State of Macroeconomic Policy$
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Olivier Blanchard, Raghuram G. Rajan, Kenneth S. Rogoff, and Lawrence H. Summers

Print publication date: 2016

Print ISBN-13: 9780262034623

Published to MIT Press Scholarship Online: January 2017

DOI: 10.7551/mitpress/9780262034623.001.0001

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PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 21 September 2021

Introduction to the Monetary Policy Section

Introduction to the Monetary Policy Section

(p.121) 12 Introduction to the Monetary Policy Section
Progress and Confusion

José Viñals

The MIT Press

The chapter raises a number of questions about how monetary policy should be conducted in the future. First, should monetary policy be used to support financial stability? Second, how should monetary policy respond to the increasing risk of hitting the zero lower bound? Third, how should monetary policy in emerging market economies cope with the significant spillovers from monetary policy in their larger neighbors? And finally, what features of the unconventional monetary policy toolkit should be maintained in more tranquil times?

Keywords:   monetary policy, financial stability, zero lower bound, policy spillovers, unconventional monetary policy

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