Fiscal Populism and Monetary Policy Rules - International Monetary Fund | IMF
Fiscal Populism and Monetary Policy Rules - International Monetary Fund | IMF
Source: International Monetary Fund | IMF
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DW NOTE
The IMF has been selling some version of "independent central banks plus fiscal discipline" since the 1990s. The pattern is consistent: crisis hits, IMF prescribes austerity and rate hikes, economy contracts, social programmes get cut, and three years later they publish a paper about "balancing policy trade-offs." Meanwhile U.S. inflation sits at 3.53% with the deficit up 3% year-on-year through June. Rules are for countries that borrow in dollars, not the one that prints them.