@Meaningness see https://twitter.com/bswud/status/565093217478377472 … &https://twitter.com/bswud/status/512961264243716096 …
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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 -
Replying to @bswud
@Meaningness 2. so, it's at least conceivable that by changing returns *structures* (reducing low risk yields relative to high risk) you1 reply 0 retweets 0 likes -
Replying to @bswud
@Meaningness as a CB could try and boost (high risk) investment instead of the low risk investment that savers are typically doing2 replies 0 retweets 0 likes -
Replying to @bswud
@Meaningness but outside of a liquidity trap saving = investment. Putting money in the bank doesn't destroy it; the bank lends it out!1 reply 0 retweets 0 likes -
Replying to @Meaningness
@bswud The primary issue is that credit creation hasn’t gone into productive assets, it’s gone into financial engineering (buy-backs e.g.) &1 reply 0 retweets 0 likes -
Replying to @Meaningness
@bswud into malinvestment in physical assets (Chinese factories, EM mines, US oil wells). Why? At a guess, due to macroeconomic uncertainty,2 replies 0 retweets 0 likes -
Replying to @Meaningness
@Meaningness this is one of those rather rare situations where it's genuinely helpful to write down a formal model! :)1 reply 0 retweets 0 likes -
Replying to @bswud
@Meaningness I think it's pretty hard to cut our disagreement exactly at the joints without something quite explicit2 replies 0 retweets 0 likes
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