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  "documentTitle": "malcolm barr jp morgan",
  "authorId": "JPMorgan",
  "authorName": "J.P. Morgan",
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      "text": "QE makes the government's interest payments (and hence the available 'fiscal space') more dependent on the interest rates set by the central bank. But how the economy is performing overall is still a much bigger influence. After the pandemic, and given an ageing population, fiscal pressures are going to intensify. Governments will respond by putting 'independent' central banks under pressure to support growth regardless of inflation. Markets, economists, and society as a whole are watching!!! Survey measures suggest public trust in central banks fell in the wake of the GFC, and that the public is confused about the boundary between policies given QE. 'Formal' indices of central bank independence do not suggest that much has changed. The current move up in inflation is the tip of the iceberg of a broader change in social/political preferences toward higher inflation than central banks want. Central banks are set to succeed in pushing inflation up to their objectives after a decade of undershoot, and this should be welcomed. There is a case for (slightly) higher inflation targets (say 3-4% rather than 2%) that central banks could support.",
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      "kind": "title",
      "text": "How independent are the world's central banks?",
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