It is therefore hardly surprising that communicating the ECB’s monetary policy has been a real challenge which has meant for all of us - the Eurosystem at the sending end, and the markets and the public at the receiving end a process of learning and adapting.
23 If so, then the average level of the nominal federal funds rate down the road might turn out to be only 2 percent, implying that asset purchases and forward guidance might have to be pushed to extremes to compensate. 24 Moreover, relying too heavily on these nontraditional tools could have unintended consequences.