The document discusses the expansion of central bank balance sheets as a percentage of GDP across developed countries, particularly after the financial crisis. It highlights the limited effectiveness of quantitative easing (QE) in Japan from 2001 to 2006 and the challenges central banks face in boosting long-term growth potential. The document also references Rudiger Dornbusch's views on U.S. economic expansions and the historical context of Japan's economic situation since the early 1990s.
doj/DataSet10/EFTA01388569.pdf
{"title":"The limits of monetary policy","key_people":["Rudiger Dornbusch"],"document_date":"March 2018","document_type":"tabular","key_locations":["Japan","United States","Eurozone"],"key_organizations":["Federal Reserve","Bank of Japan","European Central Bank","Bank of England"],"reference_numbers":["DB-SDNY-0092200","SDNY_GM_00238384","EFTA01388569"]}