NOAH SMITH writes on a bit of macroeconomic rebellion that refuses to go away: the view that low interest rates cause low inflation. That is the precise opposite of the conventional view—that central banks which hold interest rates at a low level risk courting soaring prices. But how could the heterodoxy be right? How could macroeconomists have gotten such a basic relationship exactly wrong? - http://www.economist.com/blogs/freeexchange/2014/04/monetary-policy?