Lael Brainard: Unconventional monetary policy and cross-border spillovers Speech by Ms Lael Brainard, Member of the Board of Governors of the Federal Reserve System, at the 16th International Monetary Fund Jacques Polak Research Conference “Unconventional Monetary and Exchange Rate Policies”, Washington DC, 6 November 2015.
*  *  *  Among students of central banking, the Great Recession will be remembered in part for the monetary policy innovation it prompted. Since 2008, we have seen several episodes of extreme financial conditions in major economies. In many countries, monetary policy has shouldered a large share of the policy response.