| Abstract: | Central banking has faced new levels of complexity since the onset of the financial crisis. Central banks might have saved the world economy from plunging even further, but their unconventional actions created risks that require continued vigilance. This paper presents six “hard truths” that must remain at the forefront of central banking policy for the indefinite future. They imply new and largely unexplored risks and require central banks to take important measures to protect from their realization. |
