Economia
Mr White’s central thesis is that central banks affect the financial system much more directly than they affect the real economy or even nominal variables such as the rate of PCE inflation or the level of NGDP. As a result, there are times when stepping on the monetary gas pedal does not produce the desired results. During a balance sheet recession, the collapse in interest income hurts savers more than the decline in rates helps prospective borrowers...
Disappointingly, the establishment has not been receptive to this line of thinking. They should not be so quick to judge. Who knows who will be remembered as the modern-day Ptolemaists when the history books are written?
Leia mais
- O Caminho Da Crise
Bailout economics – two decades of monetary excesses 1987 Stock market crash 1988-90 Savings and Loan crisis 1990 Stock market “mini-crash” 1990-91 Gulf War I 1990-91 US mini-recession 1994 Mexican peso crisis 1997 Asian financial crisis...
- Crítica Dos Bancos Centrais
Our central bankers are intellectually bankrupt Ron Paul, Financial Times The financial crisis has fully exposed the intellectual bankruptcy of the world’s central bankers. Why? Central bankers neglect the fact that interest rates are prices....
- Metas Da Inflação
Inflation Targeting Hits the WallMises Daily:Wednesday, February 01, 2012 by Antony P. MuellerThe financial-market crisis is not over but has grown into a vicious sovereign-debt crisis. Nevertheless, monetary policy makers of the major economies go on...
- A Política Da Política Monetária
É o título de novo artigo de Alberto Alesina e Andrea Stella, cujo abstract é o seguinte: "In this paper we critically review the literature on the political economy of monetary policy, with an eye on the questions raised by the recent financial crisis....
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Para ler nas horas de folga... Mais um "policy analysis" para minhas horas de folga (se é que elas ainda existem...): Replacing Potemkin Capitalism: Russia's Need for a Free-Market Financial System. Trecho: On August 17, 1998, Russia devalued...
Economia
Política monetára e a crise atual
The perverse effects of easy money
The curious case of William White
Sep 5th 2012, 17:13 by M.C.K. | WASHINGTON
With a few noteworthy exceptions, mainstream academic economists failed to anticipate that the global financial crisis and ensuing collapse of output was even possible...
He (along with his colleague Claudio Borio), presented one of the earliest and most thoughtful warnings of the financial crisis back in 2003. Anyone with a brain ought to take him seriously, especially when he bucks the conventional wisdom. Thus, this correspondent was very excited to find (via Ed Harrison) that Mr White has just released a thoughtful new paper on the possible “unintended consequences” of actions taken by the big central banks since the crisis. One of its best features is its discussion of the recent literature, including two of the most interesting papers to have been written about the interaction between monetary policy and the financial system since 2007.Mr White’s central thesis is that central banks affect the financial system much more directly than they affect the real economy or even nominal variables such as the rate of PCE inflation or the level of NGDP. As a result, there are times when stepping on the monetary gas pedal does not produce the desired results. During a balance sheet recession, the collapse in interest income hurts savers more than the decline in rates helps prospective borrowers...
Disappointingly, the establishment has not been receptive to this line of thinking. They should not be so quick to judge. Who knows who will be remembered as the modern-day Ptolemaists when the history books are written?
Leia mais
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- O Caminho Da Crise
Bailout economics – two decades of monetary excesses 1987 Stock market crash 1988-90 Savings and Loan crisis 1990 Stock market “mini-crash” 1990-91 Gulf War I 1990-91 US mini-recession 1994 Mexican peso crisis 1997 Asian financial crisis...
- Crítica Dos Bancos Centrais
Our central bankers are intellectually bankrupt Ron Paul, Financial Times The financial crisis has fully exposed the intellectual bankruptcy of the world’s central bankers. Why? Central bankers neglect the fact that interest rates are prices....
- Metas Da Inflação
Inflation Targeting Hits the WallMises Daily:Wednesday, February 01, 2012 by Antony P. MuellerThe financial-market crisis is not over but has grown into a vicious sovereign-debt crisis. Nevertheless, monetary policy makers of the major economies go on...
- A Política Da Política Monetária
É o título de novo artigo de Alberto Alesina e Andrea Stella, cujo abstract é o seguinte: "In this paper we critically review the literature on the political economy of monetary policy, with an eye on the questions raised by the recent financial crisis....
-
Para ler nas horas de folga... Mais um "policy analysis" para minhas horas de folga (se é que elas ainda existem...): Replacing Potemkin Capitalism: Russia's Need for a Free-Market Financial System. Trecho: On August 17, 1998, Russia devalued...