The paper by professor Larry Ball released by the Independent Evaluation Office as part of its recent major review of the International Monetary Fund’s advice on unconventional monetary policies is a gem. Using internal as well as published papers, and drawing on extensive interviews with the key protagonists, Ball has written a terse, analytical and most insightful account of how the debate between monetary policy “doves” (worried about the risks of deflation) and “hawks” (worried about the