Report

Geneva Reports on the World Economy

Geneva 18: What Else Can Central Banks Do

Central banks can do more to stimulate economies and restore full
employment, even when nominal interest rates are near zero. Quantitative
easing has had beneficial effects already and can be expanded; policymakers
can push interest rates substantially below zero. Central banks can also
increase their scope for countercyclical policy by raising their inflation
targets modestly. Eventually, the trend toward cashless economies may
eliminate completely the problems arising from the lower bound on interest
rates.
The 18th Geneva Report on the World Economy seeks to provide
policymakers with a developed selection of stimulus methods in order to
tackle secular stagnation in advanced economies. With most options having
already been explored, this report contributes to current stimulus policies
and how they can be expanded and implemented to greater effect.

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Ball, L, J Gagnon, P Honohan and S Krogstrup (eds) (2016), ‘Geneva 18: What Else Can Central Banks Do‘, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

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Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘Introduction and summary‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

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Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘Dynamic simulations‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

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Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘When will the constraint bind? A simple exercise‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

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Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘A look at recent history‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

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Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘The dangers of the lower bound‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

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Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘Policy mix, interactions and financial stability‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

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Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘Beyond forward guidance: Committing to higher future inflation‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

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Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘Forward guidance‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

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Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘Helicopter money‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

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Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘Quantitative easing‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

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Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘Negative interest rates‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

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Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘How to ease monetary policy when rates hit zero‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

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Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘What about a price level target?‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

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Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘How to implement a new target‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

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Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘Credibility and the inflation target‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

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Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘Costs of a higher inflation target‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

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Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘Benefits of raising the inflation target‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

Citation

Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘Raising the inflation target‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

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Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘Other policy aspects of post-cash economies‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

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Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘Monetary policy without cash‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

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Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘Markets are driving payments systems away from cash‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

Citation

Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘Monetary policy in a post-cash economy‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

Citation

Ball, L, J Gagnon, P Honohan and S Krogstrup (2016), ‘Conclusions: So what should be done?‘, in Ball, L, J Gagnon, P Honohan and S Krogstrup (eds), Geneva 18: What Else Can Central Banks Do, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-18-what-else-can-central-banks-do

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