Englund, Stiglitz och finanspolitiken
Jag tycker det är skriande uppenbart att räntan världen över är för låg och att en större del av stimulanserna borde ske via finanspolitiken, skrev jag på denna blog 5/12 2009.
Till min glädje har nu Nobelpristagaren Joseph Stiglitz, i FT 18 October 2010, kommit fram till samma ståndpunkt, dessvärre nog helt oberoende av mitt bloginlägg.
Han skriver:
- The US Federal Reserve may make funds available to banks at close to zero interest rates, but if the banks make those funds available to small and medium-sized enterprises at all, it is at a much higher rate.
Indeed, in the last US recession, the Fed’s lowering interest rates did stimulate the economy, but in a way that was disastrous in the long term.
Companies did not respond to low rates by increasing investment. Monetary policy (accompanied by inadequate regulation) stimulated the economy largely by inflating a housing bubble, which fuelled a consumption boom.
Read more here with links
Till min glädje har nu Nobelpristagaren Joseph Stiglitz, i FT 18 October 2010, kommit fram till samma ståndpunkt, dessvärre nog helt oberoende av mitt bloginlägg.
Han skriver:
- The US Federal Reserve may make funds available to banks at close to zero interest rates, but if the banks make those funds available to small and medium-sized enterprises at all, it is at a much higher rate.
Indeed, in the last US recession, the Fed’s lowering interest rates did stimulate the economy, but in a way that was disastrous in the long term.
Companies did not respond to low rates by increasing investment. Monetary policy (accompanied by inadequate regulation) stimulated the economy largely by inflating a housing bubble, which fuelled a consumption boom.
Read more here with links
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