In light of all the financial instruments and financial markets people have developed to improve their lives, the relatively minor periods where markets go astray, the normative values people have regarding expansionary monetary policy, and the ever-expanding scope of monetary policy, it remains unclear how monetary policy should be conducted. Previous textbooks on money and banking, for example, distinguish between conventional and unconventional monetary policy, but the unconventional tools like forward guidance and quantitative easing are becoming old hat. Moreover, central bankers maintain inflation and full employment targets, but it is increasingly unclear whether central bankers can achieve either ...
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