In a cursory and compressed way, I would like to make some remarks on the ongoing debate about the future of monetary policy frameworks, a subject that has become quite topical here in the U.S. We are now nine years after the beginning of the financial crisis.
Considering the role of an overstretched monetary policy to stave off a deeper recession, the following questions were bound to emerge: has monetary policy done enough, should it continue along the same path? Are low, or even negative, rates a permanent feature of monetary policy? Should the size and composition of the central bank balance-sheet continue to be used as an unconventional tool?