The global financial crisis had profound effects on our economy, and it altered the way many think about monetary policy. At the peak of the crisis and during its immediate aftermath, unconventional monetary policy measures were designed and implemented by the Federal Reserve and other central banks around the world.
The post-crisis period has offered policymakers an opportunity to assess a range of novel policy and operational issues associated with the conduct of monetary policy and the effectiveness of different policy options. Specifically, policymakers have to carefully weigh the advantages and disadvantages of alternative monetary implementation frameworks in the presence of new policy tools.