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2012-09-19

“It is the demand, stupid.” Men jag förstår inte det här med “quantitative easing”

Mr Bernanke at the symposium at Jackson Hole, Wyoming, organised by the Federal Reserve Bank of Kansas City:
 

“The stagnation of the labor market in particular is a grave concern not only because of the enormous suffering and waste of human talent it entails, but also because persistently high levels of unemployment will wreak structural damage on our economy that could last many years.”
 


Martin Wolf skriver: I congratulate Mr Bernanke for this ethical response. I applaud him for recognising that the Fed not only can but should do something about this dire situation.
 

The Fed’s plan is to buy mortgage-backed securities of the government-sponsored agencies, Fannie Mae and Freddie Mac, at a rate of $40bn a month.
Will the Fed’s new approach work? Since interest rates are already so low, the new action is unlikely to achieve as much again. On this, there must be questions.
 

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Hur kan Martin Wolf ge sitt stöd åt en åtgärd som han inte tror kommer att fungera?


Bättre då att Fed köper statspapper i stället för bostadsobligationer. Då kan staten ge pengarna till ensamstående mödrar eller utförsäkrade arbetslösa, vilket omedelbart skulle leda till den önskade ökningen av efterfrågan.

Let the helicopters start to drop money. Go, go, go. 



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