Deregulation as a Growth Engine: How Supply-Side Reforms Shape Monetary Policy
Governor Miran argues that targeted deregulation expands the economy’s supply potential and boosts productivity, improving the transmission of monetary policy. Citing Greece’s crisis-era reforms and the US deregulation push, he suggests lower regulation can justify a more accommodative stance from the ECB and Fed, while acknowledging measurement challenges in gauging regulation’s macro effects and noting new tools indicate a shrinking regulatory burden.