Five years into the great financial crisis, central banks are still pushing back the boundaries of monetary policy only to encounter constant reminders of the limits of their power to revive growth. The Bank of England's provision of cheap loans to fund new bank lending and Denmark's adoption of a negative deposit rate are the most recent evidence that central banks are far from running out of firepower. Conventional monetary policy may be constrained because interest rates in major economies are close to zero, but central bankers retain a plethora of less orthodox options and are increasingly likely to resort to ... (full story)