Adair Turner, (2019), “What if Zero Interest Rates Are the New Normal?”, Project Syndicate, 29 Μαρτίου
The valid insight behind “modern monetary theory” – that governments and central banks together can always create nominal demand – was explained by Milton Friedman in 1948. But it is vital also to understand that excessive monetary finance is hugely harmful, and it is dangerous to view it as a costless way to solve long-term challenges.
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