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The decision at the October meeting to end QE was the FOMC's first step of reducing monetary accommodation.
Moreover, this paper argues that sustained monetary accommodation hampers comprehensive balance sheet repair (section 'Sustained monetary accommodation hampers comprehensive balance sheet repair or maintains incentives to damage balance sheets').
Both trends support the case for greater monetary accommodation looking forward.
The policy challenge, he said, was to restore confidence and put an end to the crisis in the euro area by supporting growth, while sustaining adjustment, containing deleveraging, and providing more liquidity and monetary accommodation.
Work by Athanasios Orphanides and others has argued that the heavy reliance on mismeasured or misperceived output gaps was a significant contributor to the excessive monetary accommodation that led to the Great Inflation in the 1970s--not one of the Fed's finer moments (see Orphanides and Van Norden 2002).
Yet, supply-side factors, monetary accommodation and ongoing geopolitical risk caution against a collapse in oil prices.
Ultimately this monetary accommodation can be Self-defeating: The economy still must adjust to elevated commodity prices if commodities remain scarce, and it must confront a higher rate of inflation to boot.
Short-term interest rates in the US has remained at near-zero levels as the central bank continues a policy of monetary accommodation to steer the economy away from deflation and reduce unemployment levels.
The committee is prepared to provide additional monetary accommodation through unconventional measures if it proves necessary, especially if the outlook were to deteriorate significantly," Bernanke said in a keynote address at a seminar.
In its latest credit policy, the central bank has signalled "the first phase of exit from monetary accommodation with a 1 percentage point increase in the statutory liquidity ratio (SLR, a measure of mandatory bank investments in government bonds) to 25 per cent of a bank's deposits.
0% late this year and this gives the ECB plenty of breathing room before monetary accommodation is removed.