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The Dilemma of Central Banking

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Once upon a time, Keynesians' focus on the short term and neoclassical theorists' attention to the long term had little trouble coexisting within the same broader monetary-policy framework. But in an age of persistently low and negative interest rates, the rules of the game have changed.

BEIJING – Low interest rates – both nominal and real – have been a persistent feature of advanced economies since the 1980s. How long, many now wonder, can the trend last?

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