All along, such unconventional policies were viewed as a temporary fix.

Bernanke s formal statements about the Fed s two unconventional policies have been clear.

Ninth, QE and other unconventional monetary policies can have serious unintended consequences.

Other unconventional policies, however, have been undertaken to stimulate the economy, rather than to deal with broken markets.

As a result, unconventional and untested policies, such as so called quantitative easing, have become the rage among central bankers.

In large part, that is because unconventional monetary policies were never the miracle drug that they were supposed to be.

Ironically, because the traction of unconventional policies has always been limited, the fallout on real economies is likely to be muted.

In short, policies are becoming more unconventional, not less, with little clarity about short term effects, unintended consequences, and long term impacts.

An Unconventional Truth

As policy interest rates are already floored at zero, it is compelled to venture ever deeper into the uncharted realm of unconventional policies.

As with much concerning recent unconventional monetary policies, there is a lot about which we can only guess, including why it has happened.

NEW YORK Most observers regard unconventional monetary policies such as quantitative easing (QE) as necessary to jump start growth in today s anemic economies.

Looking ahead, some signs point to the global economy s accelerated healing and growing resilience, which bodes well for an orderly retreat from unconventional policies.

The Unit has an unconventional structure.

To be sure, QE and other unconventional monetary policies do have important short term benefits. But if such policies remain in place for too long, their side effects could be severe and the longer term costs very high.

Rather than use the opportunity provided by central banks unconventional monetary policies to respond effectively, too many of them have slipped into an essentially dormant mode of inaction and denial.

With the outbreak of the global crisis, major advanced economies employed unconventional monetary policies, leading to massive capital flows to emerging market economies, which lowered borrowing costs and increased access to credit.

Anxiety over unconventional monetary policies and currency wars must not continue to dominate global policy discussions, especially given last month s pledge by G 20 leaders not to engage in competitive currency devaluations.

The inability of unconventional monetary policies to prevent outright deflation partly reflects the fact that such policies seek to weaken the currency, thereby improving net exports and increasing inflation. This, however, is a zero sum game that merely exports deflation and recession to other economies.

All of this adds up to a recipe for continued slow growth, secular stagnation, disinflation, and even deflation. That is why, in the absence of appropriate fiscal policies to address insufficient aggregate demand, unconventional monetary policies will remain a central feature of the macroeconomic landscape.

Now, just as the US Federal Reserve contemplates an exit from its unconventional monetary policies, emerging economies current account positions are weakening, making their reliance on capital inflows increasingly apparent and increasingly dangerous.

Unconventional measures were necessary to prevent their economies from collapsing.

The Fed is hardly alone in embracing unconventional monetary easing.

When the financial markets were working again but the economy was still growing much too slowly, he turned to unconventional monetary policies to reduce long term interest rates and accelerate the housing market s recovery.

So, although the economy is now weaker than he or anyone else would like, he may want to complete his policy legacy by beginning the exit from unconventional policies before he leaves the Fed.

The scale of China s unconventional energy endowments is still relatively uncertain.

Unconventional measures are part of a broader transformation of monetary policymaking.

Moreover, after the financial crisis erupted, central banks were increasingly compelled to depart from inflation targeting, and to implement myriad unconventional monetary policies in order to ameliorate the consequences of the crash and facilitate economic recovery.

He argued that QE is not nearly as unconventional as its critics claim.

The time was not ripe and the idea was too unconventional for some.

Obviously, these choices become harder still in abnormal times, when major global changes occur and central banks follow unconventional policies. But a new, low cost approach promises to ease the challenge confronting investors in normal and abnormal times alike.

The bad news is that the IEA s optimism about unconventional sources could be misplaced.

This unconventional approach has consistently produced groundbreaking technologies that, if successfully implemented, revolutionize a field.

And then, presto an unconventional fix magically satisfies the Fed s long neglected mandate to fight unemployment.

The implication is not that central banks should immediately halt their hyper activism and unconventional measures.

Soon after the crisis erupted, the G 20 countries embraced massive stimulus packages, unconventional monetary policies in the advanced economies, and major institutional efforts, such as the Dodd Frank financial reform legislation in the United States and the Basel III initiative to strengthen banking standards.

By creating the impression that something beneficial is being done, unconventional monetary policy relieves pressure on politicians.

The SAF is being developed to respond to a wide range of issues, in both conventional and unconventional warfare.

That is both logical and rational and thus not something that the US Federal Reserve can offset with unconventional monetary easing.

Furthermore, the PBC uses unconventional instruments from time to time, such as credit ceilings or credit quotas imposed on commercial banks.

As a result, he was ready to adopt unconventional measures when the crisis erupted, and was persuasive in influencing his colleagues.

Through its unconventional monetary easing, the Fed is attempting to create a shortcut around the imperative of household sector balance sheet repair.

However, common security does not stop with the control of conventional and unconventional arms or with halting the proliferation of light weapons.

There is opportunity in Siberia s frozen taiga, particularly the Bazhenov field, which may hold some of the largest unconventional reserves in the world.

PARIS The widespread introduction of unconventional monetary policy measures by major central banks has been a defining characteristic of the global financial crisis.