Negative natural rates of interest and NGDP... →
de Worthwhile Canadian Initiative http://bit.ly/vET1uL
Le seigneur de l’euro →
de L’actu en patates http://bit.ly/q8HL60
the neoliberal corpse →
de potlatch http://bit.ly/o653r7
From the Armchair to the Computer →
de Economic Principals http://bit.ly/qmhzi5
Lower interest rates, higher savings? →
de China Financial Markets http://mpettis.com
Who are the 1%, and what do they do for a living? →
Look, a crazy anti-capitalist anarchist carrying a bizarre sign incompatible with the basic tenents of liberals: Or not. A lot of emphasis is on the “99%” versus the “1%” in these protests. But who are the 1% and what do they do for a living? Are they all Wilt Chamberlains and Oprahs and other people taking part in the dynamism of the new economy? Nope. It’s same as it ever was — high-level...
IOR caps: a new instrument of monetary policy? →
As the MMT-ers emphasize, in aggregate bank lending is almost never reserve-constrained. Unless a central bank is willing to tolerate arbitrarily high interest rates, it must be willing supply reserves in response to increasing demand. However, to point out that the banking system is not reserve constrained does not imply that individual banks are not reserve constrained. Macro types tend to...