@Meaningness 1. we have good evidence that "the money created by QE" doesn't move in a special way any different from other money
@bswud into malinvestment in physical assets (Chinese factories, EM mines, US oil wells). Why? At a guess, due to macroeconomic uncertainty,
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@Meaningness this is one of those rather rare situations where it's genuinely helpful to write down a formal model! :) -
@Meaningness I think it's pretty hard to cut our disagreement exactly at the joints without something quite explicit - 1 more reply
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