What to do When Low-for-Long Interest Rates are Lower and for Longer

Tobias Adrian is the Financial Counsellor and Director of the International Monetary Fund's (IMF) Monetary and Capital Markets Department. ____ Central banks have played a pivotal role in easing financial conditions in response to the COVID-19 shock, and helped avert a catastrophic downturn. However, their work is far from done. Yet more monetary stimulus will be needed to