4  It is important to note that, next to the higher level of uncertainty, employing unconventional tools will also likely carry larger risks, for instance in terms of longer-run side–effects.
I have therefore argued before that policymakers should consider exercising more caution in deploying unconventional instruments.6 In times of severe market stress with equally severe frictions, however, the advantages of more aggressive action might outweigh the disadvantages of higher uncertainty and larger risks.