Monetary Policy for the Next Recession

Independence for central banks only makes sense if they have the tools to do their job.

Just what the Fed needs.

Photographer: Jose CABEZAS/AFP/GettyImages

By pre-crash standards, the big central banks have made and continue to make amazing efforts to support demand and keep their economies running. Quantitative easing would once have been seen as reckless. The official term of art -- unconventional monetary policy -- tacitly acknowledged that.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.