The silent revolution in economic policy ...Qatar

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The silent revolution in economic policy
Something extraordinary has happened to macroeconomic policymaking. Partly owing to the impact of Covid-19, the old orthodoxy has morphed into a new one – but without anyone acknowledging the implications of the shift, or indeed that there were any problems with previous convention. In a recent interview, for example, former Bank of England (BoE) Deputy Governor Paul Tucker said that “monetary policy should now take a back seat to fiscal policy.” Other central bankers, finance ministry mandarins, and OECD and International Monetary Fund officials are saying much the same. What our financial paladins never or only rarely acknowledge is how wrong they were in the past. The Financial Times cam

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