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The Great Repricing: Central Banks and the World Economy

In: Monetary Policy Normalization

Author

Listed:
  • Mervyn King

    (Former Governor of the Bank of England)

Abstract

This paper analyses how a financial crisis, a decade of stagnation, a global pandemic, and now a land war in Europe, have undermined all three of Paul Volcker’s verities of a well-organised society: stable prices, sound finance and good government. The subsequent Great Repricing will not be a smooth process. For a better future to follow, the consensus that low interest rates are here to stay needs to be jettisoned in favour of an old truth. If too much money is chasing too few goods, the resulting inflation cannot be held back by central bank words alone. With sound policies, though, the Great Repricing can be the start of a return to a better allocation of resources and faster growth.

Suggested Citation

  • Mervyn King, 2023. "The Great Repricing: Central Banks and the World Economy," Contributions to Economics, in: Paolo Savona & Rainer Stefano Masera (ed.), Monetary Policy Normalization, pages 53-60, Springer.
    • Handle: RePEc:spr:conchp:978-3-031-38708-1_3
    DOI: 10.1007/978-3-031-38708-1_3
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