Patrick O’Brien and Nuno Palma have some lessons from history of unconventional monetary policy. Actually just as when economists say this time is different, we should be worried. Similarly when they say “this policy is unprecedented”, we should question it as there will mostly be some historical precedent. This is especially true on monetary (and trade) matters, where similar issues have cropped up every now and then. The names may change and even some nature, but the broad idea is likely to have a precedence.
The authors argue the same for unconventional monetary policy:
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Utopia, you are standing in it! 
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