"The fault lines only became evident when monetary policy became relatively impotent at the zero bound after the Great Recession"

the demise of the monetary only indy CB cyclops macro
in the face of suddenly emerging  massive liquidity sumps

               MLSs

but our britboy wants to restore a cold peace

"Both sides could agree that for economies with a floating exchange-rate monetary policy is the stabilisation tool of choice, with fiscal policy only being used if monetary policy is constrained "



" When interest rates are stuck at the zero lower bound, synthesis models clearly show fiscal policy can be highly effective at stimulating output"

ie a policy of fiscal use containment

of course the present crisis calls macro oicy since 1984 into question ...don't it

if monetary injections ie credit injections only
means a debt incubus after a few cycles ....