What’s Wrong With Negative Rates?
One reason for the lingering effects of the 2008 financial crisis is central banks' continued reliance on a flawed economic model. As long as policymakers focus on interest rates instead of on the flow of credit, the problem of deficient aggregate demand is unlikely to be resolved.
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NEW YORK – I wrote at the beginning of January that economic conditions this year were set to be as weak as in 2015, which was the worst year since the global financial crisis erupted in 2008. And, as has happened repeatedly over the last decade, a few months into the year, others’ more optimistic forecasts are being revised downward.