The case for central-bank independence went largely unquestioned for years.
According to the conventional view, there’s no lasting tradeoff between inflation and employment.
Looking back, it’s nothing short of remarkable how widely this thinking was accepted.
To support demand, the Fed and other central banks had to resort to bond-buying on an enormous scale — a policy that blurs the line between monetary and (more explicitly political) fiscal policy.
Bloomberg Clive Crook 20 april 2020
Nice picture
Looking back, it’s nothing short of remarkable how widely this thinking was accepted.
To support demand, the Fed and other central banks had to resort to bond-buying on an enormous scale — a policy that blurs the line between monetary and (more explicitly political) fiscal policy.
Bloomberg Clive Crook 20 april 2020
Nice picture
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