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Time inconsistency in recent monetary policy

Goodhart, C. A. E., Schulze, Tatjana and Tsomocos, Dimitrios (2020) Time inconsistency in recent monetary policy. VoxEU.

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Abstract

A decade of near-zero, and even negative, interest rates in advanced economies has both encouraged the continued accumulation of debt and a search for yield in riskier assets, while at the same time eroding bank profitability in the retail business. This column discusses some of the palliative measures that central banks have taken to offset the erosion of bank profitability, and raises the question of whether, and how, the longer-term implications of the excessive accretion of debt will be handled.

Item Type: Article
Official URL: https://voxeu.org/
Additional Information: © 2020 The Authors
Divisions: Financial Markets Group
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HB Economic Theory
Date Deposited: 11 Aug 2020 13:24
Last Modified: 12 Aug 2020 00:38
URI: http://eprints.lse.ac.uk/id/eprint/106134

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