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The Dangerous Delusion of Price Stability

William White, (2017), “The Dangerous Delusion of Price Stability”, Project Syndicate, 14 Δεκεμβρίου

Since the hyperinflation of the 1970s, which central banks were right to combat by whatever means necessary, maintaining positive but low inflation has become a monetary-policy obsession. But, because the world economy has changed dramatically since then, central bankers have started to miss the monetary-policy forest for the trees.

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