William White wrote the Forward for a New Zealand Initiative publication, authored by Graeme Wheeler and Bryce Wilkinson, in which they contend that expansionary central bank policies contributed significantly to the global inflationary pressures which have emerged in recent years. In his Forward, White agrees that the analytical framework used by many central banks is fundamentally flawed. Not least, central banks have for decades underestimated the importance of recurrent shifts in the supply capacity of the global economy.
