Hasiera gisa, ikus ondokoak:
(i) Europako Banku Zentralaz
(https://twitter.com/tobararbulu/status/1326261263245119489)
@tobararbulu # mmt@tobararbulu
b) https://twitter.com/BMoon_bee/status/1324496817195749378
Irtenbidea:
Warren Mosler: https://unibertsitatea.net/blogak/heterodoxia/2020/03/19/warren-mosler-ek-krisiari-buruz/
La UE acuerda un ambicioso marco presupuestario hasta 2027 para reactivar su economía tras el covid – https://naiz.eus/eu/actualidad/noticia/20201110/la-ue-acuerda-un-marco-presupuestario-hasta-2027-para-reactivar-su-economia-tras-el-covid#.X6r3IxBtw7I.twitter
oooooo
moonbee@BMoon_bee
@MehreenKhn erabiltzaileari erantzuten
If ECB had decided to create money to provide the liquidity that was missing from the banks (Yellow on the graph).
Why then did the states put themselves at risk for a crisis for which neither of them nor their citizens were responsible?
(ii) QE delakoaz
(https://twitter.com/sarahollando552/status/1326139850685370381)
Sara Holland #MMT@sarahollando552
QE is not an effective way of stimulating economies.
Quantitative Easing – The Gower Initiative for Modern Money Studies
Segida:
(iii) Warren Mosler
(https://twitter.com/wbmosler/status/1326248614436462597)
Warren B. Mosler #MMT@wbmosler
At the macro level unless there are new corporate issues all that can happen is the existing financial assets can change hands while the total risk stays the same.
oooooo
Warren B. Mosler #MMT@wbmosler
The ECB could instead take a step back and simply purchase newly issued tax credits from all member nations on a per capita formula, no strings attached. Start with maybe 10% of euro zone GDP for openers. It’s fair to all, reduces national indebtedness, minimizes new issues, etc.
oooooo
Warren B. Mosler #MMT@wbmosler
The presumed portfolio effect is a shift to higher risk in search of yield. But that can’t happen unless both corps issue more high yield debt and portfolios expand. But that doesn’t happen and in any case that isn’t called the portfolio effect.
oooooo
Warren B. Mosler #MMT@wbmosler
eta 2beste erabiltzaileei erantzuten
Yes, to reduce long term rates, which only works if that induces more spending on goods and services (GDP) vs financial assets.
oooooo
Warren B. Mosler #MMT@wbmosler
Portfolio effect = portfolios shifting to riskier assets due to QE (for the further purpose of subsequent credit expansion/new issuance). I’m saying that while rates can shift, at the macro level the shift to more riskier assets can’t happen until after the ‘risky’ credit growth.
oooooo
Warren B. Mosler #MMT@wbmosler
eta 3beste erabiltzaileei erantzuten
So seems the portfolio balance channel comes down to ‘if you lower long Tsy rates long corporate rates come down as well‘ and nothing more. It’s just part of the general presumption that rate cuts are expansionary/inflationary which I see as backwards:
MMT White Paper – The Center of the Universe
Click Here for the White Paper on Modern Money Theory Italian Version Español
oooooo
Warren B. Mosler #MMT@wbmosler
eta 2beste erabiltzaileei erantzuten
I’ve never found twitter limits a constraint… 😉 But understood, thanks!
(https://twitter.com/wbmosler/status/1326497811479859201)
Gehigarriak:
QE: Mosler eta Draghi, berriz…
Quantitative Easing (QE) inozoentzat
EBZ (M. Draghi) NMF (C. Legarde), Bundesbank (J. Weidmann) eta QE…
PQE (politika fiskala) eta QE (politika monetarioa)
Draghi-ren politika monetarioaren (QE) itxaropenak, gabeziak eta ondorioak
QE, Europar Batasuna, inflazioa eta deflazioa…, Schäuble, progreak eta abar
Draghi-ren politika monetarioaren (QE) itxaropenak, gabeziak eta ondorioak
Quantitative Easing (QE): Espainian ikasi dute (batzuek!), Euskal Herrian ez!