For example, any combination of shocks that brings the economy to the ZLB for an appreciable length of time will display the effects of the elevated interest elasticity in such models, whether or not the central bank is assumed to issue explicit forward guidance. This high elasticity is also in evidence in attempts to evaluate alternative monetary policy regimes.16 7.
The participation of various and new stakeholders in the banknote lifecycle, trends in substrate choice, features and banknote life expectancy, heightened demands for improved productivity and efficiency and emerging threats from counterfeiters all add to this challenge.