Central Banker Hero Becomes Face of Failure in Swedish Tale

Stefan Ingves, the governor of Sweden’s central bank, was held up as an example of how to expand the monetary tool box just three years ago.

Back then he was fighting asset bubbles that economists including Nobel Laureate Robert Shiller warned were coming. Now, Ingves’s name is associated with a failure to prevent deflation through policies dubbed “sadomonetarist” by another Nobel Prize winner, Paul Krugman.