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Monetary policy has failed, whether conventional or unconventional. Central banks have been ‘pushing on a string’. That was something that Keynes found too during the Great Depression of the 1930s. His policy proposal for getting full employment and ending the depression in the early 1930s was first conventional interest-rate cuts and then unconventional QE. By 1936, when he wrote his great work, The General Theory, he announced the failure of monetary policy.
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