EFTA Document EFTA01388572

The limits of monetary policy .6.,r4Tgat Edir,r,j ?fore, For OE to have much of an impact, you need to create somewhat ad-hoc assumptions. Translated into plain English, this means coming up with stories for why private investors will not fully adjust their portfolios to reflect recent and anticipate future actions by the central bank. Generally, such stories boil down to different assets not being perfect substitutes for different types of investors. Insurance companies or pension funds,