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Book Synopsis
The COVID-19 pandemic is causing an unprecedented worldwide economic contraction, leading central banks to reduce interest rates to historically low levels and making unconventional monetary policies—including "low for long" interest rates and asset purchases—increasingly common. Arguably, however, the policies implemented are efficient because they encourage increased risk-taking, and they may have, if unintentionally, increase medium- and long-run macro-financial vulnerabilities. This paper argues that the resulting trade-offs need to be carefully accounted for in monetary policy models and outlines how that can be achieved in practice.

Low for Long and Risk-Taking

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    Order before 4pm today for delivery by Wed 17 Jun 2026.

    A Paperback / softback by Tobias Adrian

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      View other formats and editions of Low for Long and Risk-Taking by Tobias Adrian

      Publisher: International Monetary Fund (IMF)
      Publication Date: 31/01/2023
      ISBN13: 9781513556062, 978-1513556062
      ISBN10: 1513556061

      Description

      Book Synopsis
      The COVID-19 pandemic is causing an unprecedented worldwide economic contraction, leading central banks to reduce interest rates to historically low levels and making unconventional monetary policies—including "low for long" interest rates and asset purchases—increasingly common. Arguably, however, the policies implemented are efficient because they encourage increased risk-taking, and they may have, if unintentionally, increase medium- and long-run macro-financial vulnerabilities. This paper argues that the resulting trade-offs need to be carefully accounted for in monetary policy models and outlines how that can be achieved in practice.

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