Competitive monetary easing: is it yesterday once more?

Raghuram G. Rajan

123 citations0/0 files storedMacroeconomics and Finance in Emerging Market Economies

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Monetary Policy and Economic Impact Global Financial Crisis and Policies European Monetary and Fiscal Policies

Abstract

Given weak post-crisis aggregate demand both advanced economies and emerging economies engage in competitive monetary easing, creating financial risks. To ensure stable and sustainable growth, the international rules of the game need to be revisited. Since internalizing spillovers to other countries may be difficult, large central banks could reinterpret their domestic mandate to take into account other country reactions over time (and not just the immediate feedback effects) and thus become more sensitive to spillovers. This weak ‘coordination’ could be supplemented with improvement of global safety nets.

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References

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