The Central Banks and the Inflationary Environment

We've come to believe that it has been central banks entirely responsible for the very long period of low inflation slash disinflation. But in fact there have been a series of global dynamics that have come together to allow us to live until very recently in a deflationary kind of world. So I think yes, we do think that we have been led to believe over the last couple of decades that the central banks have more power over the inflationary environment than perhaps they do and perhaps they like to think they do.