This contributed to the broader decline of trust in public institutions and experts and a rise in political populism—trends that affect our jobs as central bankers.1 The last 15 years have also seen a profound change in how information is shared, consumed and debated. The internet slashed the cost of communication.
This disrupted traditional media and led a growing segment of the public to get their news from alternative channels and social media. Many had hoped that the democratization of information would make us all better informed. Sadly, too often that’s not the case.