It takes a trauma to shake up economics. After the Great Depression, and again during the stagflation of the 1970s, new orthodoxies emerged. Something similar may be under way now, a decade after the financial crisis, as economists and investors start to wonder if it’s time for a different approach.
At the Start of the Central Bank Era, Inflation Was The Enemy
For a half-century or so, there’s been broad agreement in developed countries that monetary policy is the most effective tool for managing the economy.Read More