2020-2021 policy response combined fiscal (transfers to lower wealth quintiles) + monetary (QE to finance fiscal). Multi-driver easing: crisis + wealth inequality + political shift. This is the mechanism for inflationary fiscal-monetary fusion.
2020-2021 policy response combined fiscal (transfers to lower wealth quintiles) + monetary (QE to finance fiscal). Multi-driver easing: crisis + wealth inequality + political shift. This is the mechanism for inflationary fiscal-monetary fusion.