The document discusses the challenges faced by central banks, particularly the U.S. Federal Reserve, European Central Bank, and Bank of Japan, in influencing financial markets and the real economy. It highlights the shift in market perception of central banks from saviors to potential problems, especially after the U.S. Federal Reserve's interest-rate hike in December 2015. The document also notes the historically low federal funds rate and the high stakes for central banks in Europe and Japan.
doj/DataSet10/EFTA01388567.pdf
{"title":"The limits of monetary policy","key_people":["U.S. Federal Reserve Board"],"document_date":"March 2018","document_type":"other","key_locations":["U.S.","Europe","Japan"],"key_organizations":["European Central Bank","Bank of Japan"]}