The Negative Interest Rate Legacy of Quantitative Easing

David Kelly discusses the role of courage in economic theory, focusing on inflation, wealth gaps, and aggregate demand. He critiques the effectiveness of monetary policy and central banks in addressing economic challenges, suggesting that fiscal measures targeting lower and middle-income groups could stimulate demand. The discussion also highlights the limitations of central banks in managing recessions and emphasizes the need for policy certainty to boost investment.

What does the speaker imply about the effectiveness of central banks in dealing with economic downturns?

What strategies does the speaker propose to stimulate aggregate demand in the economy?