Although there is no universal conclusion to such cost and benefit analysis for monetary easing, as it depends on countries and phases, I would like to call attention to the following  BIS central bankers’ speeches  3  four aspects, which have not been paid sufficient attention in traditional arguments made before the recent crisis.3 The first is the burden of balance-sheet repair.
A central channel through which this approach operates is through maintaining low inflationary expectations. Wage and price setters no longer need to engage in the defensive behaviour they formerly used to protect themselves against future rises in inflation. Similarly, opportunistic tactics aimed at profiting from inflation no longer make sense as a business strategy.