It's worth noting that this global gold - buying spree coincides perfectly with the
rise of unconventional monetary policies following the financial crisis — massive bond - buying programs, rapid money - printing schemes and near - zero or, in some cases, negative interest rates.
On a more positive note politically, however, in recent months there has been a rising expectation that governments will increasingly start to focus more intently on fiscal stimulus, and we expect this theme to gain some traction in a number of major economies given the diminishing
returns of unconventional monetary policy.
Said Donald Kohn, a senior fellow at the Brookings Institution think tank who was Fed vice chairman from 2006 to 2010: «She's been able to lead the committee in a way that's avoided major financial disruption while beginning the
rollback of unconventional monetary policy.
In the second half of their analysis, Amstad and Martin consider how the four central banks have chosen to manage the expanded balance sheets they acquired during the financial crisis as a
result of unconventional monetary policy actions.