After all, how innovative are unconventional monetary policy tools?
​It has been stressed that major central banks have fully appreciated the power of forward guidance, and have been increasingly resorting to it in order to convince financial markets that they have an effective game plan to normalize the global economy, as it is becoming more obvious that policy makers are facing more constraints in the conduct of monetary policy. The aftermath of the global financial crisis was so severe that policymakers had to think out of the box and deviate from mainstream monetary policy tools. Since the end of 2008-beginning of 2009, a number of unconventional monetary policy tools have been employed; quantitative easing, negative short-term interest rates etc. During their introduction numerous analysts argued that the specific actions were unprecedented. But is this true? After all, how innovative are unconventional monetary policy tools?
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