Felipe Muller

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Central banks will, soon enough, have to revert to their normal behaviour. The zero lower bound (ZLB) is largely the consequence of a combination of a China effect, an unprecedented demographic backdrop and the deepest cyclical shocks since the Great Depression, once during the financial crisis and more recently during the pandemic.
The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation Revival
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