The recent panic in global markets has been reflected in a wave of commentary to the effect that monetary policy has lost its power. We disagree. Central banks’ track record on inflation in advanced economies has not been as bad as the headlines might suggest. What’s more, even with official interest rates near zero, there are plenty of monetary tools left in the arsenal.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.