Opinion
Tackling inflation or secular stagnation is going to require the central bank to return to deregulated framework of the 1980s, designed to make politically unpalatable decisions possible.
The 2008 financial crisis brought fundamental changes to US monetary policy, which over time have transformed monetary policy elsewhere, including in Australia.
Paradoxically, this has taken monetary policy part-way back to the multi-dimensional activist framework of the pre-1980s regulated era.
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Original URL: https://www.afr.com/policy/economy/reserve-bank-s-qe-sends-monetary-policy-back-to-the-future-20210802-p58f7n
