Nor is it clear how ready other central banks are to use these new powers.
Unless other central banks tighten equally or more, their currencies will lose value against the dollar.
The Federal Reserve and other central banks are likely to respond by cutting interest rates again.
Most other central banks think that although lambdas are useful theoretical devices, publishing them is unrealistic.
But it also means still-higher deficits that may become worrisome to investors and other central banks alike.
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From April 27th the Fed will copy the practice of other central banks and hold press conferences.
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And the Fed, like other central banks, has a mandate only to deliver stability in consumer prices.
The official holders, the ECB, the other central banks (and above all the IMF) were not going to.
ECB's formal accountability to elected politicians or the public is more limited than that of other central banks.
Some other central banks, including America's Federal Reserve, have a mandate to pursue both growth and low inflation.
The BoJ will be expected to expand their balance sheets, which is not unusual compared to other central banks.
The Fed has clearly been too loose, but so have other central banks.
Unlike most other central banks, however, the Federal Reserve does not have general statutory authority to oversee these systems.
It main regulator is the U.S. Federal Reserve Bank which works with the other central banks whose currencies are included.
In addition, the Fed (along with other central banks) began purchasing large amounts of government debt and issuing excess dollars.
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Mr Hayes reckons it will now be less effective, not least because other central banks seem unlikely to join in.
This is why the Fed and other central banks have provided liquidity support to particular sectors of the financial system.
Far more so than other central banks, the ECB is subject to limitations on what it is legally allowed to do.
Economic stabilization, recovery in corporate profits and efforts by the Federal Reserve and other central banks have juiced stocks' multiyear rally.
Mr Posen clearly believes that another round of QE would be all the more effective if other central banks joined in.
They could easily have done so by employing so-called open-market operations, which the Federal Reserve and other central banks engage in constantly.
Other central banks, however, haven't been so keen on the status quo.
Lower interest rates would boost confidence, and that effect would be multiplied if the Fed acted in concert with other central banks.
On November 30th the Fed, ECB and other central banks sought to rectify this by lowering the spread to 50 basis points.
The Federal Reserve and other central banks are coming under increasing scrutiny.
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Unless a country subjects itself to an IMF programme, it may draw on only 20% of the available liquidity from other central banks.
Most serious of all, unlike other central banks, the Bank of Japan cannot cut interest rates further, because they are already close to zero.
Like other central banks, it has been quietly taking on fewer bonds from the American Treasury and more from other issuers for some time anyway.
As of March of this year, the German central bank had 644bn euros of claims on other central banks, equivalent to a quarter of German GDP.
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