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Following the intellectual exodus of the 1930s and persecution by the Nazi regime, economics in Austria had, with only a handful of exceptions, lost connection to international trends. After 1945, political choices further consolidated this state of affairs. Only after a generation change and thanks to a climate of reforms in the late 1960s and 1970s, research both outside and inside universities...
This article discusses the immediate and the longer-term future of monetary policy. It first reviews the policies adopted by central banks in the wake of the financial crisis, focusing on balance sheet policies and forward guidance, and then discusses the exit from these policies and the associated challenges. Finally, an outlook on the possible long-term design of monetary policy is provided.
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