Indeed, the authorities' response was not limited to monetary stimulus.

There is much greater scope for fiscal stimulus to boost growth, and much smaller scope for monetary stimulus.

Monetary easing and fiscal stimulus, combined with structural measures to restore private firms to financial health, would stimulate household expenditure and business investment.

The International Monetary Fund suggests that as much as 75 of the fiscal stimulus in the advanced countries comprises non discretionary counter cyclical measures.

But monetary stimulus is often in reality just as selective as bailouts.

Failure to design an effective fiscal stimulus shifted the burden to monetary policy.

In normal times, the Fed s response extremely monetary stimulus would be highly inflationary.

The slowdown has predictably led to calls for further fiscal and monetary stimulus.

It has already aggressively loosened monetary policy, and it can employ further fiscal stimulus.

This suggests that the problem is more profound than one of insufficient monetary stimulus.

Then came the financial crisis, with the central government adopting fiscal stimulus and relaxing monetary policy.

It successfully contributed to a coordinated fiscal and monetary stimulus, which helped avert a cyclical meltdown.

But, despite large scale fiscal and monetary stimulus, they are not experiencing any dramatic economic rebound.

The government s prompt action to counter the crisis fiscal stimulus, growth packages, and monetary easing proved effective.

The brute force of massive monetary and fiscal stimulus rings hollow as a cyclical remedy to this problem.

Monetary and fiscal stimulus in most countries has done little to slow down the rate of job losses.

The heavy artillery of monetary and fiscal stimulus is being wasted on attempts to short circuit balance sheet repair.

Despite unprecedented fiscal and monetary stimulus, economic growth remains sluggish, and unemployment is stuck at a worrisomely high level.

Finally, after a good start, the ECB has now placed on hold the additional monetary stimulus that the eurozone needs.

He saw the G 20 as a vehicle for building consensus on coordinated monetary and fiscal stimulus and financial regulation.

Many emerging markets that were growing strongly before the crisis responded by injecting substantial amounts of monetary and fiscal stimulus.

The weak real economy and job market, together with high debt ratios, suggest the need to exit monetary stimulus slowly.

The boost derived from Eurobonds may not be sufficient to ensure recovery additional fiscal and or monetary stimulus may be needed.

But the stimulus measures transformed a banking crisis into a fiscal and sovereign debt crisis.

But the stimulus that is needed on both sides of the Atlantic is a fiscal stimulus. Monetary policy has proven ineffective, and more of it is unlikely to return the economy to sustainable growth.

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

NEW YORK The global economy, artificially boosted since the recession of 2008 2009 by massive monetary and fiscal stimulus and financial bailouts, is headed towards a sharp slowdown this year as the effect of these measures wanes.

The brute force of massive monetary and fiscal stimulus rings hollow as a cyclical remedy to this problem. Another approach is needed.

That is why official data points to extremely low inflation rates over the next few years, despite the monetary and fiscal stimulus.

If anything, they claim, his fiscal stimulus, the bank bailouts, and US Federal Reserve Chairman Ben Bernanke s aggressive monetary policy made matters worse.

Republicans will blame their defeat in November on the Fed s monetary stimulus (if not on the ineffectiveness of Mitt Romney s blunder filled campaign).

As a result, the global economic powers have been left bickering about whether we need more monetary and fiscal stimulus or less of it.

Meanwhile, the main transmission channels of monetary stimulus to the real economy the bond, credit, currency, and stock markets remain weak, if not broken.

In order to control inflation and real estate bubbles, the central bank tightened monetary policy and the government refrained from another round of fiscal stimulus.

So the most important question the US now faces is whether continued fiscal and monetary stimulus can, as some believe, help to right the economy.

Consistent with recoveries from such recessions, demand has grown slowly, despite unprecedented fiscal and monetary stimulus, and that explains why the unemployment rate remains high.

These imbalances could be reduced by the US using fiscal rather than monetary stimulus, and China allowing the renminbi to appreciate in an orderly manner.

While speculators and bankers profit from the decline in interest rates that accompanies the Fed s asset purchases, the intended monetary and credit stimulus is absent.

Crucially, monetary policy measures do not address the underlying problem of lack of demand.

Advocates of monetary stimulation sometimes argue that it is preferable because it is more neutral in its distributional effects, and that its benefits are spread more widely. But monetary stimulus is often in reality just as selective as bailouts.

Nor is there any political pressure to expand or even extend the anemic government stimulus measures that have been undertaken.

People need to believe that the money represents something more lasting than stimulus measures, which may eventually end in failure.

China s Visionary Stimulus

Debt Friendly Stimulus

The Stimulus Ostriches