EFTA Document EFTA01388567

The limits of monetary policy e Are central banks losing their magic touch? When markets worry about central banks, they are really fretting about two distinct things. On the one hand, there is the real economy. On the other hand, and usually of much more immediate interest is the question of how central-bank moves will impact financial markets. For much of the period since equity markets bottomed out in 2009, those two questions have been intertwined. Not so long ago, the prices of risk