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The Crisis of 2020

Central banks’ balance-sheet expansion is essentially a failed policy experiment. 

Yes, it was successful in putting a floor under collapsing markets over a decade ago, in the depths of the crisis in late 2008 and early 2009. But it failed to achieve traction in sparking vigorous economic recovery.

The problem lies, in part, with the price-stability mandate itself – a longstanding, but now inappropriate, anchor for monetary policy. 

The mandate is woefully out of sync with chronically below-target inflation and growing risks to financial stability.

Stephen S. Roach Project Syndicate 23 December 2019

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