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Unconventional monetary policy: the pretense of knowledge

In: The EU Reexamined

Author

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  • Leszek Balcerowicz

Abstract

This chapter discusses the Unconventional Monetary Policy (UMP) implemented by central banks worldwide in the wake of the financial crisis. The chapter provides an overview of the UMP, its economic consequences, and the criticisms it has faced. The author argues that the UMP has been ineffective in stimulating economic growth, has had negative consequences for the supply side of the economy and was based not on empirical evidence but on flawed economic theories. The chapter concludes that the UMP was a misguided policy that did more harm than good. It is advisable that central banks avoid relying on the UMP in the future and focus on other, more effective, policies.

Suggested Citation

  • Leszek Balcerowicz, 2024. "Unconventional monetary policy: the pretense of knowledge," Chapters, in: Jörn A. Kämmerer & Hans-Bernd Schäfer & Kaushik Basu (ed.), The EU Reexamined, chapter 3, pages 39-42, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:22460_3
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035314867.00008
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