Indeed, the fact that Japan and the euro area are struggling with this challenging triad further complicates our task, because there are important potential spillovers from monetary policy in other major economies to our own economy through exchange rate and yield curve channels. 11 In light of the likelihood of more frequent episodes at the ELB, our monetary policy review should advance two goals.
And what is perhaps even more important is that it can arouse interest – interest in the workings of the economy and what it means for every one of us. To achieve all this, advanced-level school courses in economics need to be geared more to university studies.