Fiscal multipliers were substantially larger than usual because the impact of fiscal cutbacks could not be offset by looser monetary policy. “We are in a period where many countries are in a liquidity trap and monetary policy is much more constrained than in normal times,” said.the IMF’s chief economist. Article
This is most interesting because it is a change of position on inflation and loose money. I was interested in this article too. http://www.bloomberg.com/news/2012-10-08/imf-shakes-austerity-orthodoxy-for-new-pragmatism.html?alcmpid=