Central Banks Have No Magic Wand #EconomicsApplied

Raghuram Rajan explains why central banks can’t offset fiscal unsustainability under political fragmentation.

The national debtInterviewexpertbudget deficitcentral bank credibilityfiscal dominancefiscal riskfiscal sustainabilitygovernment spendingRaghuram RajanSteven J. Davis

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• Hoover Institution · 2026-09-27

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