01854cas a2200301 a 4500 AALejournalIMF021243 230101c9999 xx r poo 0 0eng d 20.00 USD 9781513556062 2616-5333 BD-DhAAL BD-DhAAL Adrian, Tobias. Low for Long and Risk-Taking / Tobias Adrian. Washington, D.C. : International Monetary Fund, 2020. 1 online resource (37 pages) Departmental Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The COVID-19 pandemic is causing an unprecedented worldwide economic contraction, leading central banks to reduce interest rates to historically low levels and making unconventional monetary policies-including 'low for long' interest rates and asset purchases-increasingly common. Arguably, however, the policies implemented are efficient because they encourage increased risk-taking, and they may have, if unintentionally, increase medium- and long-run macro-financial vulnerabilities. This paper argues that the resulting trade-offs need to be carefully accounted for in monetary policy models and outlines how that can be achieved in practice. Mode of access: Internet Financial Stability imf Monetary Policy imf Monetary-Policy Decision Makers imf NKV Model imf Risk-Taking imf Departmental Papers; Departmental Paper ; No. 2020/015 Full text available on IMF http://elibrary.imf.org/view/journals/087/2020/015/087.2020.issue-015-en.xml IMF e-Library