Why are central banks finding their job so hard to do? A common view is that this is because they are imbeciles. People who assert this insist that central banks need to keep interest rates in line with their historic norms. This is wrong, because historic norms are irrelevant. The questions are why and what this implies for our economies.
爲什麼現在央行的工作如此難做？人們普遍認爲這是因爲央行無能。持這種觀點的人堅持認爲，央行需要讓利率合乎歷史常態。這是錯誤的，因爲歷史常態無關緊要。問題在於，爲什麼會出現現在的情況？這對我們的經濟意味著什麼？
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