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Ultra Easy Monetary Policy and the Law of Unintended Consequences
Federal Reserve Bank of Dallas, Globalization and Monetary Policy Institute Working Papers
In this paper, an attempt is made to evaluate the desirability of ultra easy monetary policy by weighing up the balance of the desirable short run effects and the undesirable longer run effects -the unintended consequences. The conclusion is that there are limits to what central banks can do. One reason for believing this is that monetary stimulus, operating through traditional ("flow") channels, might now be less effective in stimulating aggregate demand than previously. Further, cumulativedoi:10.24149/gwp126 fatcat:o5bs2tvsbrhdlciv6lsiajpzmm