BIS’s Borio challenges monetary orthodoxies
Rethink of central bank mandates might be needed
One of the top officials at the Bank for International Settlements (BIS) challenged three of central banks' most deeply held beliefs in a speech on November 12.
Claudio Borio, who heads the BIS monetary and economic department, took on orthodoxies regarding when the economy is in equilibrium, whether money is neutral in the long run, and the extent to which bouts of deflation cause damage.
The core of Borio's argument is that of equilibrium. Determining when an economy is in equilibrium is less
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