A rebuttal of Philip Turner’s criticism of the BIS ‘house view’
Critiquing Philip Turner’s occasional paper, ‘The new monetary policy revolution: advice and dissent’
Central banks have undertaken a revolution in monetary policy. Since the global financial crisis, they have abandoned conventional wisdom designed to keep them out of political trouble. Contrary to the views and expectations of some critics, this revolution has been astonishingly successful. Radical monetary expansion rescued a depressed world economy. Regulatory reform reduced financial risks. The legacy is positive. Thanks to the new monetary policy toolkit – deployment of their balance sheets
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