Federal Reserve Chair Janet Yellen is stressing the need to review the unconventional monetary policies that central banks around the world deployed in response to the 2008 global financial crisis.
She said Thursday that the post-crisis period offers policymakers an opportunity to assess the effectiveness of the tools and better understand the impact of new regulation.
“Policymakers have to carefully weigh the advantages and
disadvantages of alternative monetary implementation frameworks in the
presence of new policy tools,” Yellen said in remarks at a two-day
research conference sponsored by the Fed.Translation: We have no idea what’s going on, or whether or policies are helping or making things worse.
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