Economic policy : limitations and conflicting objectives

Choice under uncertainty is everyday life. For policymakers, this implies setting priorities and, sometimes, sacrificing objectives. Today, amid greater than usual uncertainty, governments and central banks all face conflicting objectives that are both costly and inextricable. In the US, the Fed considers that the war on inflation requires destroying demand even if this tips the economy into recession. In China, stemming the spread of the virus, a dogma of Xi Jinpingian thought, ...