What else can central banks do?
Author(s)
Bibliographic Information
What else can central banks do?
（Geneva reports on the world economy, 18）
International Center for Monetary and Banking Studies, c2016
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Note
Other authors: Joseph Gagnon, Patrick Honohan, Signe Krogstrup
References: p. 103-110
Description and Table of Contents
Description
Central banks can do more to stimulate economies and restore full employment, even when nominal interest rates are near zero. Quantitative easing has had beneficial effects already and can be expanded; policymakers can push interest rates substantially below zero. Central banks can also increase their scope for countercyclical policy by raising their inflation targets modestly. Eventually, the trend toward cashless economies may eliminate completely the problems arising from the lower bound on interest rates.
The 18th Geneva Report on the World Economy seeks to provide policymakers with a developed selection of stimulus methods in order to tackle secular stagnation in advanced economies. With most options having already been explored, this report contributes to current stimulus policies and how they can be expanded and implemented to greater effect.
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