The future of balance sheet policies



Governor Elizabeth Duke discusses Basel III during an open board meeting on July 2, 2013

“I might start with forward guidance,” former vice-chairman of the US Federal Reserve Donald Kohn tells Central Banking, while mulling over a potential sequence in the future use of unconventional monetary policies. “And perhaps if it wasn’t as credible as I hoped, I could supplement it by a little short-term yield curve control and see whether that got me what I wanted in terms of stimulating the economy and getting the inflation toward target. Then, if further stimulus was required, I could

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