Central banks: will the gift keep on giving?

Monetary policy has delivered global growth and booming asset prices. During the financial crisis and its aftermath, central bankers demonstrated admirable pragmatic radicalism. But monetary policy is not a cure-all, and another global downturn will present an even tougher test for policymakers.

gift-grenade-400

Small children that spent the last weeks of 2017 looking forward to Christmas are not alone in thinking that magical men have the power to shower the world with gifts from on high. In the Pacific island archipelago of Vanuatu, the people of Tanna look to the skies hoping that the messiah of their cargo cult, John Frum, will send down all manner of extravagances, just as fantastical flying machines – USAF airplanes – did for their ancestors during World War II.

Access intelligence that drives action

To unlock this research, enter your email to log in or enquire about access