Fed comments1
Fed galduta bere erretolika nahasian.
Ez da egongo inongo desberdintasunik emaitza makroekonomikoetan, barne enplegu eta inflazioari dagokienez.
Mosler-ek ingelesez:
“Seems to me the Fed has gotten lost in its own confused rhetoric, but that’s another story.
Point here is fed funds are a quarter point higher which will will make no discernible difference to macroeconomic outcomes, including the Fed’s employment and inflation mandates.”
FED RAISES RATES BY 25 BASIS POINTS, FIRST SINCE 2006
Twitterrak:
Yellen is saying a. we don’t need to see inflation tick up to hike b. cut now to avoid recession later. That’s not ultra-dovish as some say
2015 abe. 16
@edwardnh And with no theory or evidence to support that view
David Wessel Egiaztatu kontua @davidmwessel
Yellen to Liesman: If we don’t raise rates a little now, odds are good economy would overshoot unemp and infl objectives.-> abrupt rate hike
2015 abe. 16
@davidmwessel @steveliesman no theory or evidence supports that, to the best of my knowledge
Dakienak badaki ez dakienak baleki…
Konparatu aurrekoa baieztapenak hurrengo honekin:
Fed-ek gainditutzat jo du AEBetako krisi handia, diruaren prezioa igota2.
Jakingo ote du ezjakin horrek, eta antzekoek!, inflazioari eta hazkunde ekonomikoari dagokienez, neoliberalen teoria bera defendatzen du(t)enik, i.e., politika monetario liberal hutsa?
Gehigarria: Moneta politika eta politika fiskala: bi eginkizun desberdin
joseba says:
Canadian central bank governor bucks the mainstream Groupthink
http://bilbo.economicoutlook.net/blog/?p=32609#more-32609
“And then he said it:
Fundamentally, economists have long been aware that the effectiveness of monetary policy has its limits once interest rates reach very low levels. As Keynes noted as he watched the Great Depression unfold, fiscal policy tends to be a more powerful tool than monetary policy in such extreme circumstances. It may sound ironic, but the circumstances under which it may be appropriate to consider unconventional monetary policies are also those under which fiscal policy tends to be most effective.
As a central banker, he couldn’t really take this any further, lest he be accused of making overtly political statements. I know that principle hasn’t stopped other central bankers from interfering with the policy design of democratically elected governments, particularly in Europe.
But as a general principle, central bankers make cryptic comments when they are treading on the political terrain.
Given that cautionary bias, it is clear that the Canadian central bank governor was providing support to the newly-elected Canadian government to expand fiscal policy (as a cyclical intervention) and use the government’s currency-issuing capacity to rebuild non-government sector confidence and help the economy transition from the collapse in global commodity prices.
It seems like it will be a good time ahead for Canadians. They have elected a Liberal government which is openly stated as part of their campaign promises that they will increase the fiscal deficit over the next several years to improve Canada’s public infrastructure and to support faster job creation.
They also seem to have a central bank governor who understands that monetary policy, especially now, is relatively ineffective – relative to fiscal policy.
And, that governor is not afraid to publicly state that fiscal policy is an appropriate and effective counter-stabilisation tool for governments to use when non-government spending is weak.
The Canadians, at least, that is a major and refreshing break through amidst all of the misinformation that comes out of the mainstream academic economists and the financial press that act as their mouthpieces.”