Unconventional monetary policy is less predictable than conventional policy and potentially disruptive, so it is used only
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Unconventional monetary policy is less predictable than conventional policy and potentially disruptive, so it is used only when the conventional toolkit is insufficient to stabilize the economy. One conventional policy tool—the payment of interest on reserves—can help a central bank exit smoothly from unconventional monetary policy.
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Money Banking And Financial Markets
ISBN: 9781260226782
6th Edition
Authors: Stephen Cecchetti, Kermit Schoenholtz
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