, 3 tweets, 2 min read Read on Twitter
this tells you how problematic it is to evaluate central banks on their 'inflation-target' performance alone.
It is a criteria of the 2000s, when Greenspan told us that price stability will deliver everything, including financial stability.
it is a criteria provided by pre-crisis DSGE models with their 'pretence of knowledge' that ignored macro-finance trends nber.org/papers/w16429
Financial stability > price stability during bad times #DraghisLaw
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