Let me turn to another line of research I think important, that is, unconventional monetary policy. As I discussed earlier, unconventional monetary policy was highly effective against the “acute pains” in the recent financial crisis.
We invented various unconventional policy  30  For the importance of revisiting the philosophy behind central bank policy and independence of a central bank in democratic society, not just for monetary policy making, see Shirakawa (2010a, b). 31  See Greenspan (2002), and Mishkin (2007). 32  See Bernanke (2010), and BOE (2009). 33  BIS (2010) points out such possibility.