It seemed the right thing to do at the time. As the catastrophe of the global financial crisis began to unfold nearly 15 years ago, central banks slashed interest rates close to zero and flooded the system with freshly printed money through the newfangled mechanism of “quantitative easing”.
Sayuri Shirai | East Asia Forum eastasiaforum.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from eastasiaforum.org Daily Mail and Mail on Sunday newspapers.
Economists and policymakers must recognise that the world is changing and reset the existing models that guide decisions. The notion of a shock is new to macroeconomics. However, there is an implicit assumption that these are infrequent and transmitted largely through financial channels.
New Zealand s economy is "turning a corner, but the challenges remain very real", according to the Pre-election Economic and Fiscal Update released on Tuesday.