macroeconomics is complex, but at least this part is not that complex. in monetary policy there's one lever, the money supply expansion rate. as long as there'

macroeconomics is complex, but at least this part is not that complex. in monetary policy there's one lever, the money supply expansion rate. as long as there's a sufficiently large part of the economy infused with debt (banks rolling over short term debts, large companies using credit to fund payroll, any new investment compared to "risk free rate" of central banks, etc) the lever has some effect. of course it's a blunt instrument. fiscal policy is needed to pick up the slack. but that's mostly bludgeoned to death long ago by polarization of politics.