Economic Forum: Policy Lessons and the Future of Unconventional Monetary Policy

Panel with Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, at the Sixteenth Jacques Polak Annual Research Conference: "Unconventional Monetary and Exchange Rate Policies", Washington, DC, 5-6 November 2015.

In the closing panel of the IMF's 16th Jacques Polak Annual Research Conference, Claudio Borio discusses unconventional monetary policies in a broader context. In his view, today's persistently low rates are not necessarily equilibrium rates because of their long-term costs. Monetary policy needs to be more symmetrical over financial booms and busts, and unconventional measures are best seen as crisis management tools.

Moderator: Maurice Obstfeld, Economic Counsellor and Director, Research Department, IMF

Panelists:

  • Claudio Borio (BIS)
  • Lael Brainard (Federal Reserve Board)
  • Paul Krugman (CUNY)
  • Adam Posen (Peterson Institute)