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.
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.
The views expressed here are my own and not necessarily those of the BIS or its member institutions.
