As the momentous monetary policy measures by the United States Federal Reserve—the decade-long quantitative easing and balance sheet expansion programme—inch closer to an end, this article captures some of the lessons learnt and, more particularly, the ones unlearnt in the last decade. The pivotal role of central bank communication, the impact of monetary policy spillovers, and the changing nature of central bank mandates are perhaps the most important takeaways from a decade of financial turmoil and monetary policy interventions.
