Mario Draghi, the former European Central Bank president, is sounding alarms about “Japanification.” Janet Yellen, the former U.S. Federal Reserve chair, is warning of “secular stagnation.” They’re not the only ones who lately have been using these overlapping if somewhat obscure terms. They do, however, point to the same conclusion — fiscal policy is needed where monetary policy has faltered. That is, that elected officials who hold their nation’s purse strings can’t count on central bankers to
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