{ "title": "What Future for Unconventional Monetary Policies", "publication": "IMF Blog, November 2, 2015", "sourceUrl": "https://www.imf.org/en/blogs/articles/2015/11/02/what-future-for-unconventional-monetary-policies", "canonical": "https://www.imf.org/en/blogs/articles/2015/11/02/what-future-for-unconventional-monetary-policies", "overlayPath": "/en/blogs/articles/2015/11/02/what-future-for-unconventional-monetary-policies/index.md", "summary": "Publication date: November 2, 2015.", "sections": [ { "heading": "Framing questions and context", "content": "- Publication date: November 2, 2015.\n- Key questions posed:\n - How quickly should the United States tighten monetary policy and exit from quantitative easing?\n - Is the neutral real interest rate lower than before the crisis?\n - Should we raise inflation targets?\n - What can we learn from the unconventional policies that emerging markets adopted during the crisis?\n - Are we entering an environment of global deflation? And if so, can the existing central bank toolkit stave off that threat?\n- Contextual observations:\n - \"Seven years after the crisis, the effects of unconventional monetary policies continue to be a matter of debate.\"\n - There is little consensus about both the effectiveness of these policies in promoting aggregate demand and about possible unintended side effects on financial stability.\n - Emerging market economies have felt spillovers from both the global financial crisis and unconventional monetary policies in advanced economies, often adopting their own unconventional credit and foreign-exchange policies; the effectiveness of those policies remains subject to debate.\n - The profession faces the challenge of understanding the risks of policy normalization and monetary policy divergence as monetary policies in major currency areas head in opposite directions." }, { "heading": "Purpose and goals of the Jacques Polak Annual Research Conference", "content": "- Conference title: “Unconventional Monetary and Exchange Rate Policies”.\n- Conference dates: November 5-6, 2015.\n- Stated aims:\n - Take stock of outstanding policy questions about unconventional monetary policies.\n - Gain a better understanding of the mechanisms at play and the tools available to policymakers.\n - Map the way forward on:\n - How unconventional monetary policies work.\n - Their interactions with other policies.\n - Their domestic side effects, including risks to financial stability.\n - Their spillovers to other countries.\n - The future of these policy tools.\n - The consequences of unconventional policies in emerging market economies." }, { "heading": "Program highlights and participants", "content": "- Program scale and composition:\n - The conference will feature thirteen excellent papers and discussants.\n- Keynote and lectures:\n - Ben S. Bernanke, former Chairman of the Board of Governors of the Federal Reserve System, will give the keynote Mundell-Fleming lecture, discussing aspects of the effects of United States monetary policy on the global economy, including so-called \"currency wars\", financial spillovers, and the dollar’s role.\n- Concluding policy panel:\n - Claudio Borio (BIS)\n - Lael Brainard (Federal Reserve)\n - Paul Krugman (City University of New York and New York Times)\n - Adam Posen (Peterson Institute for International Economics)" }, { "heading": "Access, dissemination, and participation", "content": "- Attendance invitation: Readers are encouraged to attend and contribute to the discussion.\n- Remote access:\n - The papers will be available online.\n - Webcast availability: the Mundell-Fleming Lecture and the Economic Forum will be webcast at www.imf.org.\n - Social media: follow the conference on Twitter at ARCPOLAK." }, { "heading": "Institutional note", "content": "- IMFBlog description: IMFBlog is a forum for the views of the International Monetary Fund (IMF) staff and officials on pressing economic and policy issues of the day.\n- IMF identity: The IMF, based in Washington D.C., is an organization of 191 countries, working to foster global monetary cooperation and financial stability around the world.\n- Attribution of views: \"The views expressed are those of the author(s) and do not necessarily represent the views of the IMF and its Executive Board.\"\n\nSource: What Future for Unconventional Monetary Policies, Maurice Obstfeld, November 2, 2015.\n\n---\n\n\n References\n\n- IMF Jacques Polak Annual Research Conference\n- www.imf.org\n\nSource: https://www.imf.org/en/blogs/articles/2015/11/02/what-future-for-unconventional-monetary-policies" } ], "bullets": [ "[Markdown version](/en/blogs/articles/2015/11/02/what-future-for-unconventional-monetary-policies/index.md)", "[Structured JSON version](/en/blogs/articles/2015/11/02/what-future-for-unconventional-monetary-policies/index.json)", "[Bundle manifest](/en/blogs/articles/2015/11/02/what-future-for-unconventional-monetary-policies/bundle-manifest.json)", "Authors: Maurice Obstfeld", "Published: November 2, 2015", "Publication date: November 2, 2015.", "Key questions posed:", "Contextual observations:", "Conference title: “Unconventional Monetary and Exchange Rate Policies”.", "Conference dates: November 5-6, 2015.", "Stated aims:", "Program scale and composition:", "Keynote and lectures:", "Concluding policy panel:", "Attendance invitation: Readers are encouraged to attend and contribute to the discussion.", "Remote access:", "IMFBlog description: IMFBlog is a forum for the views of the International Monetary Fund (IMF) staff and officials on pressing economic and policy issues of the day.", "IMF identity: The IMF, based in Washington D.C., is an organization of 191 countries, working to foster global monetary cooperation and financial stability around the world.", "Attribution of views: \"The views expressed are those of the author(s) and do not necessarily represent the views of the IMF and its Executive Board.\"", "[IMF Jacques Polak Annual Research Conference](http://www.imf.org/external/np/res/seminars/2015/arc/)", "[www.imf.org](http://www.imf.org/)" ], "alternates": { "markdown": "/en/blogs/articles/2015/11/02/what-future-for-unconventional-monetary-policies/index.md", "json": "/en/blogs/articles/2015/11/02/what-future-for-unconventional-monetary-policies/index.json", "bundleManifest": "/en/blogs/articles/2015/11/02/what-future-for-unconventional-monetary-policies/bundle-manifest.json" }, "generatedAtUtc": "2026-08-28T01:57:52.896Z" }