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Why Ignoring Time-Preference is the Fundamental Mistake of Central Bankers – Alasdair Macleod (06/14/2019)

Jun 14th, 2019 | By brinvest | Category: WallStreetWindow

There is a widespread assumption that interest rates represent the cost of borrowing money. In the narrow sense that it is a rate paid by a borrower, this is true. Monetary policy planners enquire no further. Central bankers then posit that if you reduce the cost of borrowing, that is to say the interest rate,…

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