In particular, non-standard monetary policy measures can have substantial income (and employment) effects for subgroups of households such as the unemployed. Those measures can improve their welfare and contribute toward reducing income disparities, at least in the shortterm.
As regards the administration of monetary policy, however, the accountability of the central bank needs to be placed on another footing. Clear targets that the Government supports as well need to be set, but the central bank should be afforded the opportunity of using its best expertise in employing the instruments available to achieve these jointly set goals.