Nonetheless, there is good reason to think that low rates have provided significant support for demand, and my view is that they have done so. 2 As you can see in slide 1, we are now close to meeting our dual mandate--a reasonable summary statistic for the effects of policy. While growth has been frustratingly slow, employment gains have been solid.
GLLR realized through central bank cooperation might be regarded as an element of the safety net in the broad context of the third combination. There are many proposals for an international safety net other than central banks acting as GLLR.