The Great Policy Rotation


For the last two decades, advanced country central banks have been focussed on price stability and have played the first line of defence in stabilising the economic cycle whereas fiscal policy has played back up, focussing more on fairness and efficiency. But we are starting to see debate about whether a new approach is needed. AMP Capital's Dr Shane Oliver discusses what a shift in policy approach (from monetary to fiscal policy) might mean for investors.

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