Central bankers without clothes and clout
In Hans Christian Andersen’s The Emperor’s New Clothes, the emperor walks around town almost naked. Nobody dares say so. It takes a child to reveal that the emperor’s clothing is all pretense.
On a good day, a change in monetary policy rates of 10 basis points will lift GDP less than 0.1 percentage points a year down the road, and inflation a similar 0.1 percentage points after four years. This would barely be visible in economic statistics published with one decimal.
What then, about
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