Central Banking’s Bankrupt Narrative (Project-Syndicate)

The combination of low unemployment and stubbornly low inflation across Western advanced economies has exposed the fundamental flaws of the standard economic theory that have long informed monetary policymaking. What theory should replace it?


Roger E.A. Farmer is Professor of Economics at the University of Warwick, emeritus Professor of Economics at UCLA, Research Director at the National Institute of Economic Research, and the author, most recently, of Prosperity for All: How to Prevent Financial Crises.

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