In 2016, a columnist for the Wall Street Journal wrote:
For years, the world has looked to central banks to deploy whatever tools they had to prop up economic growth. Now, just as those tools reach their limits, governments are quietly stepping up. Fiscal policy across the developed world is collectively turning more stimulative.
a. What tools were central banks using to “prop up growth”?
b. Why might some economists have believed that in 2016 those tools had reached their limits?
c. What is fiscal policy? What does it mean to say that fiscal policy was “turning more stimulative”?