[49]  See for instance Blanchard, O., G. Dell’Ariccia and P. Mauro (2010), “Rethinking Macroeconomic Policy”, Journal of Money, Credit and Banking, 42: 199–215 and Krugman, P. (2014), “Inflation targets reconsidered”, ECB Forum on Central Banking, May 2014.
This pretty much covers what monetary policy can realistically do to support economic growth in the long run and to smooth out short-term fluctuations. Other things people expect monetary policy to do Let me now give you a flavour of the specific concerns and problems monetary policy is often asked to address directly - and, for the most part, cannot.