Unconventional thinking about unconventional monetary policy

Barry Eichengreen | University of California, Berkeley | 17 June 2019

The policy interest rates of advanced-country central banks are stuck at uncomfortably low levels. And not just for the moment - a growing body of evidence suggests that this awkward condition is likely to persist. Inflation in the United States, Europe, and Japan continues to undershoot official targets. Measures of the 'natural' rate of interest consistent with normal economic conditions have been tren...