And third, what is the relationship between monetary policy and the distribution of wealth and income? Tools and targets As we know, when the crisis hit in 2008, central banks around the world had to rethink their approach in more ways than one. And they are still doing so. What will monetary policy look like in the years to come?
Should we put some of the tools we used in the crisis near the top of our toolbox where we can easily reach them? Or should we bury them and only dig them out again in the event of a severe crisis? And should we redefine our target? The debate on these issues, in academic and policy circles alike, has been lively.