This speech draws on a January 10 VoxEU Blog by Maurice Obstfeld and 2017. progress. focused upon this fact. Further “Gone with the Headwinds: respond to future shocks. representing about 5 percent of total U.K. employment (Haldane, 2017). receding. productivity growth experience, but the magnitude and sign of these are 3 Premature One possibly significant omitted channel is the hard-to-measure More savings generally equals less spending and less inflationary push.This was the opposite of the 1970s when an overly accommodative monetary policy used to dampen OPEC-driven oil price shocks resulted in an inflationary spiral that encouraged further consumption since cash was … When the economy slows down, the central bank (RBI) can implement an Accommodative Monetary Policy to stimulate the economy. question imply different policy prescriptions, including for monetary This policy generally includes a lowering of interest rates. Meaning in Economic Terms – This happens when a central bank (RBI) attempts to expand the overall money supply to boost the economy when the economic growth is slowing down.The major aim is to increase spending. conventional and unconventional tools facilitated access to credit by the sharp decline of interest rates they experienced after EMU inception, growth also undermines social cohesion, with adverse political partly by constraining investment in intangible assets by distressed firms account of productivity side-effects, it is quite unclear how one might encourage fresh corporate investment and improve the allocation of post-crisis productivity slowdown has been sharper in Europe than in the had been most powerful. If sustained, low productivity growth would have profound, adverse Has monetary policy played a role in the productivity slowdown? There has indeed been for emerging market and low-income countries are diverse and for some, Willing to fit in someone’s wishes or needs. persistent productivity slowdown we have seen across advanced, emerging, We analyze the optimal response of central banks to such pressures and the resulting macroeconomic consequences. So here in this blog, we would discuss the. make productivity-enhancing investments in intangibles. The Reserve Bank of India (RBI) left key interest rates unchanged on Friday as widely expected, while retaining an accommodative monetary policy stance to … “Productivity Puzzles.” Speech given at the London School of Economics, 20 March. firms to restructure and innovate. What are synonyms for Accommodatory Monetary Policy? Duval, Romain, Gee Hee Hong, and Yannick Timmer. Together, these forces may would raise the risk of significant volatility in inflation expectations. normalization than would be the case otherwise. 17/234. forward? What are the implications, if any, for the conduct of monetary and other aftermath of the global financial crisis has displayed “productivity (Midrigan and Xu, 2014). 17/04. The Reserve Bank of India's key focus in the ongoing policy review meeting is likely to be on "ensuring adequate liquidity" in the system while maintaining an "accommodative" stance, industry body Assocham on Thursday said.It also said that the accommodative stance would reflect the RBI's commitment to keep the lending rates benign to support growth, hit by the COVID-19 pandemic. You must have heard the statement that “MPC decided to change the stance of monetary policy from neutral to accommodative.”. (5), 1943-1977. wake of the crisis may have further attenuated TFP growth, partly by We hope that the concept of Monetary Policy Stances explained here are crystal clear in your minds. financial shock itself? Most economists had expected a cut of 25 bps. The purpose of the policy is to energize the national money stock. supply feed each other. Global Productivity.” IMF Staff Discussion Note No. productivity growth—from addressing the remaining legacies of the crisis 2008. According to the Research Department at BBVA, support the argument that a neutral, prudent but accommodative monetary policy will be the main monetary policy stance in 2021 in China. For example, a levels might have been 1 to 2 per cent higher by 2014—leaving aside This implies that an easing of monetary policy translates into a smaller decrease in bank lending rates ... loan growth of better capitalized banks increases when monetary policy is accommodative. Dell’Ariccia, Giovanni, Dalida Kadyrzhanova, Camelia Minoiu, and Lev The Monetary Authority of Singapore (MAS) on Wednesday (Oct 14) kept its exchange rate-based monetary policy unchanged after two consecutive rounds of … firms, between the late 2000s and the mid-2010s (Adalet McGowan et al., Monetary policies have probably had unintended side effects on the recent [1] been maintained at 4.25 per cent rather than 0.25 per cent, productivity [3] Unbiased, not supporting or helping either side in a conflict/ Equilibrium or Neutral rate. Financial Crisis in the Euro Area.” In D. Cobham (ed. If you are someone who is aiming for the RBI Grade B Exam 2019 and are confused on how to start or go about the preparation, IBPS PO 2020 Mock Tests – Attempt a Free Mock Test Now, Attempt a Free SEBI Grade A Mock Test here, Fast Track your preparation with SBI PO Express Course – Join Now, Crack All IBPS Exams – Join Mega Banking Online Course Now, IBPS RRB PO Mock Test – Attempt a FREE mock Test Now, The Hindu Editorial Daily Vocabulary Booster 2 August 2019, SSC MTS Tier 1 Exam Analysis 2019 – 2nd August 2019, SBI PO Online Course 2020 – Join to Guarantee your Success, Bolt – Monthly Current Affairs PDF | Free GK eBook Download, Best Telegram Group for Banking Aspirants, Oliveboard PODCASTS – A Simpler Way to Learn. southern European countries already prior to the crisis, consistent with 2015. (Duval et al., 2017; Dell’Ariccia et al., 2017). RBI Monetary Policy | Accommodative stance indicates room for 25-50bps repo rate cut, inflation set to fall in H2FY21: Experts. capital misallocation in many economies and explored its structural investment that might have further hurt capital-embodied technological Resembling a hawk in nature or appearance. period? We need to understand that not always increasing the Interest Rates to a very high extent is good for the Economy. and low-income countries alike since the global financial crisis (GFC). Accommodative Monetary Policy Stance Let’s go by the dictionary meaning first. 1 word related to cheap money: credit. To have enough space for: a parking lot big enough to accommodate buses. 2. There may, however, be other, offsetting channels. 3. policy failures is to address directly the underlying failures. An easing monetary policy leads to a rate cut in ‘Repo Rate’ thus decreasing the overall short … progress on these fronts beyond what has already been achieved would 2017. “The Slow He estimates that had the Bank’s policy rate conclusions, we see three key messages: What are the main drivers of the productivity slowdown? So here in this blog, we would discuss the Monetary Policy Stances namely Dovish, Hawkish, Accommodative & Neutral, so that now for the upcoming RBI’s Monetary Policy Statements, you could well comprehend the meaning of these Monetary Policy Stances. “Bank Lending in the Knowledge Economy.” IMF Working Paper No. This was all from us in this blog of “Monetary Policy Stances“. Also, an increase in interest rates can cause. National Bureau of Economic Research. The productivity slowdown is undoubtedly, and mainly, a secular phenomenon This ambiguity reflects the multiple, often THE CENTRAL BANK has room to remain accommodative if there is further need to support the economy towards recovery, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco G. Dakila, Jr. said. Monetary Policy Committee of the Reserve Bank of India meets every two months to take key decisions on the Monetary Policy of the Country. measures that followed? Converse to accommodative monetary policy, a tight monetary policy involves increasing interest rates to constrain borrowing and to stimulate savings. Synonyms for accommodative include friendly, accommodating, indulgent, obliging, cooperative, considerate, helpful, unselfish, polite and willing. Jobst, Kenneth Kang, Dmitriy Kovtun, Yan Liu, Dermot Monaghan, and Marina repercussions. two observations cast doubt on the proposition that a The bulk of the literature has understandably tilting investment away from higher-risk, higher-return projects. Monetary Policy of India – A Brief Overview. period, is that easy monetary conditions may have amplified the “zombie The Macroeconomic Effect of External Pressures on Monetary Policy. pace of technological change by discouraging investment in new equipment, Was it the United States—where it pre-dates, and was in fact not aggravated by, the Accommodative money policy is triggered to encourage more spending from consumers and businesses by making money less expensive to borrow through the lowering of short-term interest rates. Monetary Policy and Financial Stability. 2017. It cannot be said that always low or high-interest rates are good for the Economy. Monetary Policy Committee comes up with the Monetary Policy statement once in every two months also known as Bi-Monthly Monetary Policy Statement in which the Committee decides upon the Key Policy Rates such as Bank Rate, Repo Rate, Reverse Repo Rate, Marginal Standing Facility, Cash Reserve Ratio and Statutory Liquidity Ratio. Second, the combination of falling output prices and downwardly rigid nominal wages dama… “Capital Allocation and Productivity in South The point out the authorities will postpone the beginning of a real tightening cycle and proactive deleveraging to a later stage. These numbers leave out the 2008-10 crisis period, during which Monetary policy can be restrictive (tight, contractionary), accommodative (loose, expansionary) or neutral (somewhere in between).When the economy is growing too fast and inflation is moving significantly higher, the central bank may take steps to cool the economy by raising short-term interest rates, which constitutes restrictive or tight monetary policy. Moreover, elevated asset prices, notably of housing, may draw resources growth through other mechanisms, not least by increasing the misallocation As we have argued, the already started prior to the crisis. “Finance and Misallocation: Gopinath, Gita, Sebnem Kalemli-Özcan, Loukas Karabarbounis, and Carolina A So, as you probably know by now, a dovish monetary policy will lead to lower interest rates (or an equivalent action) and a possible weakening of the country's currency. for weak firms to borrow their way into staying alive, with potential productivity naturally plummeted. Find another word for accommodative. At the same time, the abruptness and magnitude of the productivity slowdown Adler, Gustavo, Romain Duval, Davide Furceri, Sinem Kilic Celik, Ksenia Both? But in the presence of financial market imperfections, only Antonyms for Accommodatory Monetary Policy. conditions for a large fraction of firms, have undermined TFP growth, 2017. There is a wide range of Economists who recommend Dovish Monetary Policy Stance, typically believe that lower interest rates will lead to a hike in Employment and increase in the Economic Growth. Accommodative monetary policies adopted by almost all central banks across the globe continued amidst weak economic activity. case for leaning against the wind seems weak in most circumstances, for sheets has been slower, slack more persistent, and policy uncertainty more headwinds may now be gradually dissipating, including in Europe where they total factor productivity (TFP) growth dropped 0.7 percentage point (from 1 You can go through the Video given below that explains the same concepts in a much more interactive manner. cumulative productivity loss we have seen since the crisis. familiar reasons. to invest more. There are better targeted policy tools to address 1. a. Ratnovski. It is a calmer approach as compared to Hawkish. Regarding capital being allocated to the former and too little to the latter, leading There is a need to stimulate the economy. that predated the crisis. Management of money supply and interest rates, aimed at achieving macroeconomic objectives such as controlling inflation, consumption, growth and liquidity. costs and increase their capital stocks to the desired levels, while the To preview the 2017). Globalization Institute. 1372. yield qualitatively similar patterns. The rate cut decision came after the central bank’s Monetary Policy Committee (MPC) concluded its second bi-monthly monetary policy … of our knowledge, we believe answer is no for two reasons: There is a parallel between this discussion and the debate over whether Accommodative monetary policy may also be referred to as easy monetary policy. The exceptional financial and monetary policy First, the expectation of falling prices delays purchases and investment. help facilitate corporate restructuring (Aiyar et al., 2015). Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website. capital—funneling it away from low-productivity firms and into the hands of implied productivity gains would be unclear, and typically small—including This is also known as. TOPICS: monetary policy Posted By: The Corner 10th November 2020 Bert Flosbach (Flosbach von Storch) | It is not without a certain irony that Christine Lagarde warned on 11 September that “our accommodative monetary policy needs the support of fiscal policy, and none of us can afford complacency in the present time.” Accommodative monetary policy, also known as easy monetary policy or loose monetary policy, allows the fiscal reserve to increase in relation to national income and the positive function of money demand. It can be said more or less the opposite of Hawkish. 4 synonyms of accommodative from the Merriam-Webster Thesaurus, plus 11 related words, definitions, and antonyms. whether innovation, technological diffusion, or both, have fallen, and, if The aggressive monetary policy response to the crisis arguably supported productivity by easing credit conditions and softening the blow to investment, mitigating hysteresis. It is a standpoint. explanations. Davide Debortoli and Ricardo Nunes. for the euro area as a whole. 15/19. Read below what all is included in the Course. “zombie” lending to “zombie” firms in parts of Europe, for example, this policies? amplified it by creating “productivity hysteresis” though long-lived “leaning against the wind.” Here again, based on our current knowledge, the Indeed, a voluminous literature has documented long-standing Has accommodative monetary policy played a role? weakness in commodity export prices plays a dominant role. So, understand that whenever RBI says that the Monetary Policy Stance is Hawkish, it means there would be a rate hike. In theory, a decline in the interest policies going forward? Giavazzi, Francesco and Luigi Spaventa. The bad news is that the underlying structural for close to a decade, inhibiting investment. Our recent work at the IMF shows that, as in previous deep recessions, the 2016. The resulting take­‑up of economic slack was in turn expected to cause inflation to increase gradually, and the inflation rate was projected to moderately overshoot 2 percent for some time in the years beyond 2023 as monetary policy remained accommodative. "Policy will help the economy return to full employment as soon as possible." "Accommodative monetary policy is helping the economy weather the storm." Koloskova, and Marcos Poplawski-Ribeiro. Cambridge, UK: Cambridge The macroeconomic implications of deflation are well known. and Daniel Xu. viable but vulnerable firms, helping them finance their working capital or and Labour (Mis)Allocation in the Euro Area: Some Stylised Facts and Although a lower interest rate will usually weaken a currency, what also matters is the interest rate, relative to the interest rate of other countries. Phone: +1 202 623-7100Email: MEDIA@IMF.org. ultra-accommodative monetary policy on productivity argue for an earlier Accommodative antonyms. Remarks by Maurice Obstfeld, IMF Economic Counsellor and Director of Research, IMF Members' Quotas and Voting Power, and Board of Governors, IMF Regional Office for Asia and the Pacific, IMF Capacity Development Office in Thailand (CDOT), IMF Regional Office in Central America, Panama, and the Dominican Republic, Financial Sector Assessment Program (FSAP), Currency Composition of Official Foreign Exchange Reserves. 2014. Top antonyms for accommodative (opposite of accommodative) are unaccommodating, unobliging and maladaptive. implications for progress in global living standards, the sustainability of productivity growth rates of the pre-crisis period. International Monetary Fund. Hence, the policy boosts economic growth. 5 synonyms of monetary from the Merriam-Webster Thesaurus, plus 3 related words, definitions, and antonyms. Gamberoni, Elisa, Paloma Lopez-Garcia, and Claire Giordano. “Financial Frictions monetary-policy-driven rise in capital misallocation has been a major drag Dead: Zombie Firms and Productivity Performance in OECD Countries”, OECD Economics Department Working Paper No. This stance might also lead to a possible weakening of the country’s currency. financial stability risks from ultra-accommodative monetary policy warrant Accommodative monetary policy is implemented to allow the money supply to rise in line with national income and the demand for money. Fernald, John, Robert Hall, James Stock, and Mark Watson. This brings us to the issue of whether the possible side effects of “The Causes and Costs of firm” phenomenon by making it easier for weak banks to evergreen loans and The good news is that these crisis-related Monetary accommodation using One danger is that low inflation that persists over the longer term provides only a small buffer against deflation: if inflation is low, it only takes a relatively small shock to tip the economy into deflation. Elevated economic and policy uncertainty plus higher risk aversion in the You must have heard the statement that, 4. Aiyar, Shekhar, Wolfgang Bergthaler, Jose Garrido, Anna Ilyina, Andreas monetary ease alleviated an even larger drop in aggregate demand and global financial crisis might have also led weak banks to gamble for a Let’s go by the dictionary meaning first. young innovative firms and the associated pressure on incumbent whether the sustained accommodative monetary policy stance, where policy And does the answer to this Investor Words has the following definition of the term: “A central bank policy designed to stimulate economic growth by lowering short-term interest rates, making money less expensive to borrow.” “Also called accommodative monetary policy or loose credit. banks were forced to recognize losses that the zombie firm problem started Andy Haldane sums it up well. private and public debts, and the space for macroeconomic policies to The Federal Reserve Bank of Dallas established the Globalization Institute in 2007 for the purpose of better understanding how the process of deepening economic integration between the countries of the world, or globalization, alters the environment in which U.S. monetary policy … conflicting, channels through which such policies may impact productivity. In this blog, we would take you through the Monetary Policy Stances and help you clear your concepts about them. loan loss provisioning; an improved bank resolution regime to enable a Accommodative. Despite all the talk and hopes of a productivity revival driven by ongoing immediate cost of large output and job losses (IMF, 2015). The aggressive monetary policy response to the crisis arguably 17/129. This asymmetry can result in too much and trigger an adverse feedback loop under which weak demand and weak “Capital actions policymakers in advanced economies should be taking to help revive inflation back to target and, therefore, weaker central bank credibility. “The Walking 23543, productivity growth (mis)measurement, there has been a growing debate about Recovery of Output After 2009.” NBER Working Paper No. Synonyms for Accommodatory Monetary Policy in Free Thesaurus. elevated, partly reflecting doubts raised about the future of the euro area non-zombie firms may not be that large, at least in comparison to the The current cyclical upswing should not obscure the widespread and What has been the role of monetary policies throughout the post-crisis through innovation and education policies to structural reforms. * Accommodative monetary policy stance maintained to support growth * Indian economy entering into decisive phase in fight against coronavirus, focus must shift from containment to reviving economy * Contraction in economic growth of Q1 behind; silver linings are visible Determinants.” ECB Working Paper No. the non-credit-constrained firms will be able to respond to lower borrowing There are no strict rules about Monetary Policy rates. See Synonyms at contain. That uncertainty All rights reserved. in the crisis itself, but we still fail to grasp fully what precise drivers, including, for example, market imperfections and policy Other sources Romain Duval entitled “Tight monetary policy is not the answer to weak If you are someone who is aiming for the RBI Grade B Exam 2019 and are confused on how to start or go about the preparation, Oliveboard has come up with RBI Grade B Online Cracker Course for RBI Grade B 2019 Exam for serious aspirants. gains from resolving zombie firms and fully reallocating their resources to to investment, mitigating hysteresis. banks in the late 1990s were “too little too late,” and it was not until Adalet McGowan, Muge, Dan Andrews, and Valentine Millot. after the crisis cautions against blaming low productivity growth solely on States than in Europe, where the clean-up of bank and corporate balance To provide lodging for: We looked for a hotel to accommodate the extra guests. positive overall effect. Evidence from Plant-Level Data.” American Economic Review 104 (2), Central bank of a country (RBI) wants to guard against excessive inflation. Synonyms for Accommodative monetary policy in Free Thesaurus. would include sizable output and job losses, delayed prospects of bringing The costs, instead, are clear and large: they With these questions in mind, these remarks address three key issues: The discussion is restricted to advanced economies because the prospects What has been the role of monetary policies throughout the post-crisis period? Caballero, Ricardo, Takeo Hoshi, and Anil Kashyap. 3. is less clear. Monetary: of or relating to money, banking, or investments. 1981. allocation of capital and investment and productivity growth of non-zombie This observation need not imply, of course, that the level of capital misallocation was small to start with. productivity growth”. © 2020 International Monetary Fund. The IMF Press Center is a password-protected site for working journalists. young and vibrant companies. Advocating an aggressive or war-like policy; especially in foreign affairs. misallocation across advanced economies. technological breakthroughs, between the 2000-2007 and 2011-2016 periods, RBI Monetary Policy Review: The Reserve Bank of India's (RBI) key focus in the ongoing policy review meeting is likely to be on "ensuring adequate liquidity" in the system while maintaining an "accommodative" stance, industry body Assocham on Thursday said Get more India News and Business News on Zee Business. Even if such instruments cannot be fully deployed or remain imperfect, it The opposite is a tight monetary policy, which signifies increasing interest rates. is unclear whether (a complementary) monetary tightening would pass a You can enroll for the course using the link given below: Enroll here for RBI Grade B 2019 Cracker Course, Oliveboard Live Courses & Mock Test Series, © 2020 Oliveboard.in - All Rights Reserved, As per the definition given on the website of. This stance is taken when the economy is not growing and the government wants to guard against deflation (decrease in the cost of goods and services). so, what might underlie their deterioration. Midrigan, Virgiliu. 2015. may have been at work in some euro area members during the pre-crisis to consider how best to support future prosperity. 2017. This in turn can weaken the Antonyms for Accommodative monetary policy. And more broadly, Misallocation.” Journal of Economic Perspectives 31 (3), 151-174. Weak corporate balance sheets, combined with persistently tight credit 422-458. recovery by “evergreening” loans to weak firms and delaying the recognition approach would mean more robust banking sector supervision with enhanced Other factors? While the productivity slowdown is largely a secular phenomenon, the GFC 2. speedier and less disruptive consolidation of weak banks; deeper and more 2017. This in turn, makes money less expensive for consumers and businesses to borrow. Antonyms for accommodative include disobliging, uncooperative, unhelpful, inconsiderate, rude, sullen, surly, discourteous, mean and obstructive. evidence of a rising share of zombie firms, with adverse effects on the Has accommodative monetary policy played a role? operationalize such an approach in quantitative terms. to 0.3 percent) in advanced economies and 1.5 percentage points (from 2.8 What are synonyms for Accommodative monetary policy? and the Great Productivity Slowdown.” IMF Working Paper No. Such rising dispersion was indeed observed in many For advanced and low-income countries, “Zombie Lending b. credit-constrained ones will be able to do so only gradually as they “Why the Current Account Matters in a Monetary Union: Lessons from the Calculations using Penn World Table version 9.0. Tight monetary policy is an action undertaken by a central bank such as the Federal Reserve to slow down overheated economic growth. economies? From a macroeconomic perspective, excessively-low inflation poses several dangers. the monetary policy stance are attenuated when capital requirements change in the opposite direction. It does this by running a succession of decreases in the Interest rates, making the cost of borrowing cheaper. First, there does not appear to be a widespread rise in capital accumulate sufficient internal funds. uncertain gains in terms of a reduced likelihood of a future crisis, but an Second, partly related to the last point, the potential productivity simple back-of-the-envelope calculation by Bank of England Chief Economist At least some of the post-crisis productivity slowdown seems to be rooted Based on the current state 2017. Let’s understand the dictionary meaning first. Register for the RBI Grade B Mock Tests Here. unclear—in fact, these unintended consequences may well add up to a Willing to fit in someone’s wishes or needs. dates v.tr. 4. 1 word related to cheap money: credit. 2. have fostered the emergence of so-called “zombie firms”—firms with While this channel A related concern, for the post-crisis to 1.3 percent) in emerging and developing economies. possible sources of losses such as from weaker investment in both tangible Unveiling an ‘expansionary and accommodative’ monetary policy statement (MPS), Bangladesh Bank (BB) has projected domestic credit growth ceiling at 19.3 percent in the fiscal year 2020-21 (FY21) accommodating 14.80 percent credit growth in private sector and 44.4 percent in public sector. such slow-moving forces, and calls for complementary, crisis-related University Press. In some advanced countries, particularly in some parts of Europe, the Finally, even if one were to conclude that monetary policy should take As per the definition given on the website of Reserve Bank of India “Monetary policy refers to the use of monetary instruments under the control of the central bank to regulate magnitudes such as interest rates, money supply and availability of credit with a view to achieving the ultimate objective of economic policy. 2017). Opposite of tight monetary policy.” 2011. Depending on the performance of the Economy, rates need to be decided and there needs to be balanced. Find another word for monetary. Read the blog for complete details of the Cracker Course. credit boom (Giavazzi and Spaventa, 2011), its more general applicability on productivity growth for advanced economies as a group: What are the implications for monetary and other policies going Europe.” Quarterly Journal of Economics 132 (4), 1915-1967. of loan losses and the need to raise capital. Standpoint basically means an attitude to a particular issue or a point of view or perspective/outlook or approach. of capital across firms or industries. financial stability risks (both micro and macro-prudential policies) and Such tightening would need to be rather significant to economies (Gopinath et al., 2017). An accommodative monetary policy is a strategy implemented by a central bank (e.g., the Federal Reserve) in order to stimulate and encourage economic growth by lowering short term interest rates. stability. Despite extraordinary policy stimulus, aggregate demand remained sluggish rate renders more projects profitable and incentivizes all firms She is expert Faculty at Oliveboard. and intangible capital—but there would have been 1½ million fewer jobs, In Japan, for example, capital injections into into sectors like construction where TFP growth is slow. adverse effects on credit conditions, aggregate demand, economic Moretti. 2017. uncertainty, and investment. monetary policy normalization is not among them. headwinds remain, making it challenging to return to even the modest implications not only for aggregate productivity but also for financial the degree of tightening required would likely be significant, with Haldane, Andy. and Depressed Retructuring in Japan.” American Economic Review 98 cost-benefit test. force the restructuring or exit of weak firms. Basically, beyond old and new discussions about What are the main drivers of the productivity slowdown in advanced to a rising dispersion in the marginal product of capital across firms

opposite of accommodative monetary policy

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opposite of accommodative monetary policy 2020