Central bankers give voice to a revolution

”The past five years have led central banks to a revolutionary situation. When the crisis hit, they played their best moves, but to modest effect. Quantitative easing – In reality it is just another way to cut interest rates. /…/ This little revolution could end in the biggest improvement to economic policy since central banks cracked inflation in the 1980s. The prize is a new framework that tackles the zero interest rate problem in advance and thus makes future recessions less damaging. That framework might be the nominal GDP target – an idea we will hear more about in 2013 – or it might be something else.” Robin Harding, Financial Times

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