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Back to the future: intellectual challenges for monetary policy

Claudio Borio ()

No 981, BIS Working Papers from Bank for International Settlements

Abstract: The central banking community is facing major challenges – economic, intellectual and institutional. A key economic challenge is the need to rebuild room for policy manoeuvre, which has fallen drastically over time. This lecture focuses on the intellectual challenge, ie facts on the ground are increasingly testing the longstanding analytical paradigms on which central banks can rely to inform their policies. It argues that certain deeply held beliefs underpinning those paradigms can complicate the task of regaining policy headroom.

Keywords: monetary policy; business cycle; financial cycle; inflation; deflation; natural interest rate (search for similar items in EconPapers)
JEL-codes: E31 E43 E51 E52 E58 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2021-11
New Economics Papers: this item is included in nep-ban, nep-mac, nep-mon and nep-pay
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Journal Article: Back to the Future: Intellectual Challenges for Monetary Policy (2021) Downloads
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