This complicates the issue, making it more dependent on the assumptions one makes to get an answer, but it is the only serious way to perform a policy assessment.3 The unconventional measures adopted by the Federal Reserve and the Bank of England have proven effective in supporting asset prices and in narrowing inflation and output gaps (Williams, 2014; see Table 1). Casiraghi et al.
Although the rules also allow a bank to pay referral fees in the form of "points" in a bonus program, the rules require that any points awarded must not only be nominal, but also must be the lowest amount awarded for any product or service covered by the bonus program.