“I might start with forward guidance,” former vice-chairman of the US Federal Reserve Donald Kohn tells Central Banking, while mulling over a potential sequence in the future use of unconventional monetary policies. “And perhaps if it wasn’t as credible as I hoped, I could supplement it by a little short-term yield curve control and see whether that got me what I wanted in terms of stimulating the economy and getting the inflation towards target. Then, if further stimulus was required, I could