Central bankers are playing the role of the Keynesian norms of fiscal policy. In order not to crowd out efficiency, the monetary transmission mechanism is being used by ECB and China to route funding to the private sector. That moves the overall efficiency curve to the right. so that capital output ratio is optimized.
It looks like growth is here to stay for some time. Employment should expand.
It looks like growth is here to stay for some time. Employment should expand.
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