BOOM-BUST CYCLES are the soap opera of macroeconomics. According to Collins Dictionary, a soap opera is “a drama series about the daily lives and problems of people who live in a particular place”. Other dictionaries emphasise their sentimentality. Another feature is that, even in the best soap operas, much the same sequence of events recurs time and again. Members of the cast come and go, their lines may alter a bit, but that does not make any real difference.
The Bank of England may dislike being
