by Summary:
With interest rates hitting their effective lower bound, and the general skepticism towards the effects of growing central bank balance sheets via buying central government bonds, central bankers are being forced into a role they had largely avoided: directly extending credit to actors other than the central government. In some ways, this is a reversion to pre-World War II norms. From an analytical perspective, this shift largely eliminates the usefulness of most macro theory with respect to monetary policy....Bond Economics The New Era In Central Banking: Credit PolicyBrian Romanchuk
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
With interest rates hitting their effective lower bound, and the general skepticism towards the effects of growing central bank balance sheets via buying central government bonds, central bankers are being forced into a role they had largely avoided: directly extending credit to actors other than the central government. In some ways, this is a reversion to pre-World War II norms. From an analytical perspective, this shift largely eliminates the usefulness of most macro theory with respect to monetary policy....Bond Economics The New Era In Central Banking: Credit PolicyBrian Romanchuk
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
New Economics Foundation writes Is the Labour government delivering on its promises?
Robert Vienneau writes Why Is Marginalist Economics Wrong?
John Quiggin writes Dispensing with the US-centric financial system
New Economics Foundation writes Whose growth is it anyway?
With interest rates hitting their effective lower bound, and the general skepticism towards the effects of growing central bank balance sheets via buying central government bonds, central bankers are being forced into a role they had largely avoided: directly extending credit to actors other than the central government. In some ways, this is a reversion to pre-World War II norms. From an analytical perspective, this shift largely eliminates the usefulness of most macro theory with respect to monetary policy....