@bswud However, the stated intent of QE is to penalize saving by driving returns negative, in order to incentivize investment instead.
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Replying to @Meaningness
@bswud And the CB share of government securities is very high now—Fed QE took off in 2012, after your graph ends, & is much higher in EU&JP1 reply 0 retweets 0 likes -
Replying to @Meaningness
@bswud The money created by QE has mainly sat on bank balance sheets (NIRP is supposed to deal with that), or used for share buy-backs, or >1 reply 0 retweets 0 likes -
Replying to @Meaningness
@bswud to the extent invested, mainly malinvested. Most seems to have gone into Chinese construction (due to PBOC distortion, SOEs, etc)1 reply 0 retweets 0 likes -
Replying to @Meaningness
@bswud and into commodity and energy production, responding to price spikes caused by Chinese construction—now vast stranded assets.1 reply 0 retweets 0 likes -
Replying to @Meaningness
@Meaningness 1. we have good evidence that "the money created by QE" doesn't move in a special way any different from other money2 replies 0 retweets 1 like -
Replying to @bswud
@Meaningness market actors try and hold a given portfolio & QE doesn't effect that. Indeed, without this 'portfolio rebalancing' effect1 reply 0 retweets 0 likes -
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Replying to @bswud
Ben Southwood Retweeted Ben Southwood
@Meaningness see https://twitter.com/bswud/status/565093217478377472 … &https://twitter.com/bswud/status/512961264243716096 …Ben Southwood added,
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Replying to @bswud
@Meaningness & I have many more citations on both stated goals not being to do this & effects in practice not being this empirically2 replies 0 retweets 0 likes
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