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David Andolfatto proslijedio/la je Tweet
Some people consider this a policy failure ¯\_(ツ)_/¯pic.twitter.com/SHVMzFy5Z7
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Alternate headline: Fed Removes $59.85 Billion from Financial Markets https://www.wsj.com/articles/fed-adds-59-85-billion-to-financial-markets-11580744458 … via
@WSJHvala. Twitter će to iskoristiti za poboljšanje vaše vremenske crte. PoništiPoništi -
David Andolfatto proslijedio/la je Tweet
Given the limits on monetary policy, it is high time to revisit automatic stabilizers. A piece by Larry Summers and I.https://bit.ly/2v3rmyh
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David Andolfatto proslijedio/la je Tweet
Great show today with Marc Lavoie who joins us to discuss the Bank of Canada's amazing operating system based off of this paper: https://www.tandfonline.com/doi/abs/10.1080/09538259.2019.1616922 … We also discuss Post-Keynesian econ & how it differs from mainstream macro. Something for everyone!https://directory.libsyn.com/episode/index/show/macromusings/id/12985556 …
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Sorry, wrong argument.https://twitter.com/MESandbu/status/1224352027062472704 …
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Doubt very much that $ printing press responsible for reducing months of recession in U.S. economy over time.
https://twitter.com/DiMartinoBooth/status/1223624839694635012 …Hvala. Twitter će to iskoristiti za poboljšanje vaše vremenske crte. PoništiPoništi -
David Andolfatto proslijedio/la je Tweet
What's the 280 character explanation of why the UK left the EU? I have followed it closely, but still don't think I understand
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It's amazing how the economy just keeps on growing too.
https://twitter.com/ErikVoorhees/status/1223396007850856448 …Hvala. Twitter će to iskoristiti za poboljšanje vaše vremenske crte. PoništiPoništi -
Committees not the byproduct of evolutionary pressure, evidently. Interesting theory.https://twitter.com/DavidBCollum/status/1223266224731234305 …
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David Andolfatto proslijedio/la je Tweet
What Tsy calls debt (boo!) banks call deposits (yay!). Only legal barrier to this Utopia is removing certificates of indebtedness (Tsy equivalent of checking acct deposits) from public debt limit. This
@foggyanabasis piece I've cited before is on-point. https://windyanabasis.wordpress.com/2011/03/28/leaving-modern-money-theory-on-the-table/ …pic.twitter.com/920rRPCsGR
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P.S. I do not even like referring to the national debt as "debt." In what sense is it "debt," e.g., when it yields negative interest? A better term is "outside assets" (assets created outside the private sector). See, e.g., https://www.minneapolisfed.org/research/sr/sr374.pdf …
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... but it's not likely to have a big effect on the price-level or inflation. The price-level is more likely to be influenced by the supply and demand for government debt (broadly defined to include reserves) rather than the composition of this debt.
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The point here is that "monetizing" interest-bearing debt with interest-bearing reserves is, to a first approximation, simply altering the composition of the debt, not its total quantity. Altering this composition can have real effects...
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True, it's a bit easier now to spend the money in your TD account, but is that what was really holding you back before? OK, if you think everyone will suddenly want to spend their TD money, then price-level will rise. But do you really think that people would behave this way?
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Question: what effect would this have on the economy? If the Treasury continues to pay the same interest rate on its accounts, I have a hard time seeing why people would suddenly be motivated to spend their newly monetized treasury debt.
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Second experiment. Suppose instead that the U.S. Treasury decides to link TD to a payment platform, permitting TD account holders to use their TD accounts as regular checking accounts. This turns TD accounts into money. Once again, the entire national debt is now monetized.
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Voila! The entire U.S. debt has been "monetized." That is, the debt is now converted into Federal Reserve money. The Fed's balance sheet explodes, but the national debt goes to zero. Question: what effect would this have on the economy? Probably not much. Yes/no?
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Now, consider a couple of thought experiments. First, imagine the Fed announces that everyone can open an account with the Fed with the same properties as the TD account. Then imagine the Fed taking over TD, replacing all TD accounts with interest-bearing reserve accounts.
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Suppose you want to spend some of the money in your TD account. Sorry, you can't do that. Not because it's not possible, but because TD is not set up to make payments. Instead, you have to transfer your TD money to your regular bank account first. Then you can spend it.
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Imagine that people log on to their accounts every morning to check their balances. What people see are interest-bearing accounts, just like their bank accounts, except that these accounts are with the Treasury.
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