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John H. Cochrane

John H. Cochrane

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John H. Cochrane is a senior fellow at the Hoover Institution.

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  2. rogoff211_Brooks Kraft Getty Images_fed reserve Brooks Kraft Getty Images

    Are Central Banks to Blame for Rising Inequality?

    Kenneth Rogoff

    The view that central-bank interest-rate policy can and should be the main driving force behind greater income equality is stupefyingly naive, no matter how often it is stated. Central banks can do more to address the inequality problem, but they cannot do everything.

     argues that monetary policy did not cause, and largely cannot mitigate, increasing income and wealth disparities.
    4

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