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.
Within the space of just half a year, US President Joe Biden has completed a necessary economic-policy regime shift that started chaotically under his predecessor. But while the Biden administration has a much better handle on the issues, that doesn't mean the new dispensation will be without risk.
thinks the US administration has completed a necessary policy regime change that began under Donald Trump.
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