19 Domestic optimal is close to the global optimal Despite these arguments, official statements by multilateral institutions such as the IMF continue to endorse unconventional monetary policies while downplaying the adverse spillover effects to other countries.
Indeed, in an excellent analysis of the obstacles to international policy coordination, the IMF’s own Jonathan Ostry and Atish Ghosh argue that “impartial” international policy assessments by multilateral entities could be suspected of bias.