EFTA Document EFTA01388577

The limits of monetary policy per se. Already, measures once considered outlandish, such as various versions of helicopter money, are once again doing the rounds. These would no doubt face practical, legal, and, in many instances, constitutional concerns. However, in recent years we have already seen that policy makers are willing to take extreme measures, if times get sufficiently desperate. The real problem is that the longer-term implications of the remaining tools are even less well-u