At the same time, these low interest rates have, naturally, enhanced asset prices. Sometimes the monetary policies of Central Banks have been accused of exacerbating inequality. But if Central Banks had not expanded, other policies being held constant, unemployment would have been worse, which normally hurts the poorest most. So Central Bank policies have, on balance, probably reduced income inequality. The alternative policies that some suggest would have been greater reliance on expansionary fiscal policies. But not only have public sector debt ratios grown faster over recent decades than in
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