Global effects of unorthodox monetary policies

Desmond Lachman

AEI Economic Perspectives, 2013

Abstract: In the aftermath of the Great Recession, major central banks have scrambled to support economic recovery and to avoid deflation through highly accommodative and unorthodox monetary policy stances. Although relatively successful in the short term, these policies have given rise to incipient asset- and credit-market bubbles and to spillover effects on the emerging-market economies, which could threaten the longer-run world economic outlook. Going forward, these central banks need to be very much more mindful than they have been to date of the longer-term unintended consequences of their policy actions.

Keywords: Fiscal policy; AEI Economic Perspectives; central bank; World Economy; Policy Papers; What to Do: Policy Recommendations on International Economics (search for similar items in EconPapers)
JEL-codes: E (search for similar items in EconPapers)
Date: 2013
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