Central banking is poorly understood. That’s because, for a start, it’s a weird topic. To make things worse, there are like five explanations for how it works, and they conflict with one another. To figure out what’s going on, you’ve got to critically assess all these different schools of thought. You’ve got your Fisherians, who think lower interest rates make inflation go down; your New Keynesians, who think lower interest rates make inflation go up; your Austrians, who think low interest rates poison the economy; your Modern Monetary Theorists, who think interest rates should be set at zero; and your Monetarists,…

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