We know that it takes time for changes in monetary policy to have their full effect on the economy, just as it takes time for changes in other variables – like the terms of trade or government spending – to have their full effects.
In particular, the very low interest rate environment and the unconventional monetary policies conducted by the main central banks dramatically changed the operating environment and the incentives for banks and markets. At present, there are four key issues that in my opinion deserve the attention of policymakers and researchers:  1.