Tech innovations have driven the stray down in rates- policymakers ignore such forces at their jeopardy

Debates about inflation in advanced economies have changed remarkably over the past decades. Setting aside( mis) measurement issues, concerns about debilitatingly high inflation and the excess strength of bail sells are long gone, and the fret now is that overly low inflation may impede growth.

Moreover, while persistently repressed- and, on nearly $11 tn( PS8. 7tn ) of global bonds, negative- interest rates may be inducing resource misallocations and undercutting long-term fiscal security for households, heightened resource prices have increased the risk of future financial instability. Also, investors became very highly( and happily) dependent on central banks, when they should be prudently more fearful of them.

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