The ‘golden age’ of central banking has passed

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The dogged persistence of low inflation and falling prices in developed countries, in the face of unflinching efforts of their central banks to achieve publicly announced targets, has raised questions about the dynamics of inflation. The dominant view, reflected in market pricing, mainstream commentary and the current policies of these central banks, has been that price stability is well-anchored and will not be undermined by the present scale of government borrowing, which is unprecedented in

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