In February 2012, the Board of Governors of the Federal Reserve System published a discussion paper entitled “Monetary policy in Emerging Market Economies: What Lessons  1  Proposed by Charles Evans of the Federal Reserve Bank of Chicago.
In focusing primarily on macroeconomic policies and the deflation problem, however, I do not wish to imply that more microeconomic measures - such as bank restructuring and recapitalization, development of more liquid capital markets, revitalization of the distressed corporate sector, and broader structural reform - are not essential and urgent.