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Learning From Market Tremors | Hari Krishnan
Forward Guidance
Is It Possible to Say That Central Banking Doesn't Work?
I don't think it's possible to say that central banking doesn't work, nor that it is very effective. With such a big balance sheet as what we have today, you have to do a huge amount in dollar terms. The jump was far bigger in 2008 than ever before. And not only in absolute terms, but in percentage terms. So clearly it worked then, and I think the tentative conclusion was that you need quite a bit to do anything in percentage terms to get any result.
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