An IMF paper published on Wednesday says there may be a case for adding unconventional balance sheet policies used during the crisis into major central banks' standard policy toolkit.

Mark Stone, Kenji Fujita and Ishi Kotaro, the paper's authors, examine whether unconventional balance sheet policies used by central banks since 2007 should be part of the standard policy toolkit. They note that major central banks around the world would need to decide whether, and if so, how, new liquidity