Keith Crane is a senior economist at the RAND Corporation, a nonprofit research organization, and worked in Iraq as an adviser to the Coalition Provisional Authority in 2003.
In an environment of secular stagnation in the developed economies, central bankers’ ingenuity in loosening monetary policy is exactly what is not needed. What is needed are admissions of impotence, in order to spur efforts by governments to promote demand through fiscal policies and other means.
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