Policy Notes No. 9
September 01, 2001
Hard Times, Easy Money?
The tools of countercyclical monetary policy have been brought fully to bear on a potentially severe recession. This note argues, however, that such a policy is less effective in times such as these—that is, when uncertainty is especially high—and so is likely to be particularly ineffective in combating the current economic slowdown.
Policy Note 2001/9(53.52 KB)