...But this ignores other monetary and exchange rate policies implemented in the past, those recently considered implausible but being deployed at present, and additional creative ideas that may ¡ by necessity and where possible ¡ receive more widespread use in the future. Ultimately, central banks control the quantity of money (narrowly defined) and exert influence over its price (the interest rate). With this in mind, it is logical to conclude that once the price of money is at its minimum, and further accommodation is desirable, central banks are left with only the quantity of money to consider. However, there are a few other policy options, although they would be likely to prove contentious and subject to questions about their effectiveness....
