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Whither Central Banking?

Summers, Lawrence and Stansbury Anna, (2019), “Whither Central Banking?“, Project Syndicate, August

In an environment of secular stagnation in the developed economies, central bankers’ ingenuity in loosening monetary policy is exactly what is not needed. What is needed are admissions of impotence, in order to spur efforts by governments to promote demand through fiscal policies and other means.

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