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For central banks, no easy solution

Federal Reserve Board Chair Janet Yellen takes a reporter's question during a news conference on Sept. 21 in Washington.

After the Bank of Japan and U.S. Federal Reserve meetings this week,  it is clear their positions could not be more different. While the BOJ is struggling to ease monetary policy, the Fed is struggling to tighten, or more accurately, to reduce monetary accommodation. In both cases, though, what we can read between the lines is a growing concern about the ineffectiveness of monetary policy alone in addressing complex economic circumstances.

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