lunes, 7 de enero de 2013

Cambios en Basilea III

Aca

The most dangerous idea in Federal Reserve history

Paper de Romer y Romer

"The most dangerous idea, they say, is excessive pessimism about monetary policy. If you look back at the two key eras where we say monetary policy went awry—during the deflation of the 1930s and the inflation of the 1970s—the interesting thing that Romer and Romer find is that if you dig into the archives of the Federal Reserve minutes there weren't really "mistakes" as you might think of it. Policymakers in the '30s knew there was a deflationary slump, and they knew it was bad, just as policymakers in the '70s knew there was an inflationary spiral, and they knew it was bad. But in the '30s, policymakers persuaded themselves that with interest rates already low there was nothing more they could do, while policymakers in the '70s persuaded themselves that inflation represented a purely structural phenomenon that they couldn't cure."

The strange reality of fiat money

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La economía y los mercados financieros están inextricablemente ligados

Aca

"The old view of economics and finance was that, except perhaps for a few exceptions like major bubbles, the real economy was the dog and the financial economy was the tail--and the tail couldn't wag the dog. But trying to study the problems of the modern world economy without taking finance into account would be incomprehensible."

The Economist sobre safe assets

Aca

"The useful justification for fiscal deficits at a time of recession is the Keynesian one of supporting demand. But in the current crisis, one could argue that governments were simply providing a service - supplying a sufficient quantity of safe assets to meet the demands of investors."

"As the monetary system evolved, the currency guarantor function of the central banks changed with it. The Bank no longer had to worry about having enough gold but it did have to worry about having enough foreign exchange reserves to safeguard the currency against speculative attacks, something the Bank of England failed to do in 1992. The introduction of inflation targeting turned the Bank from the guarantor of the external value of the currency to the guarantor of its internal value. And, of course, some central banks (including the Fed) target economic growth as well as inflation."

"In practice, safe assets are defined in a more technical sense, as those assets that institutions are allowed to treat as safe for accounting or regulatory purposes. Governments can act like Captain Jean-Luc Picard shouting "Make it so" and decree that their own debt be treated as safe. This is, arguably, an even greater power than the ability to tax which is limited by the exigencies of electoral politics and the realities of mobile international capital and labour."

Y sobre la demanda por títulos de deuda pública

The safe asset shortage. Comentario de David Beckworth: Resolving the safe asset shortage problem

JW Mason

The Economist le responde a David Beckworth

Simon Wren-Lewis

JP Koning duda de la teoría de la escasez de safe assets. David Beckworth le responde

Beckworth otra vez

Brad DeLong sobre safe assets

Otra vez The Economist

On the folly of inflation targeting in a world of interest bearing money

Aca

viernes, 4 de enero de 2013

Resumen de los programas de QE

James Hamilton

On the new purpose of government debt

FT Alphaville

Sobre el multiplicador fiscal

Crooked Timber

Simon Wren Lewis

The IMF and multipliers again

Noah Smith: Why the multiplier doesn't matter

Roger Farmer

Quantitative easing doesn't lower interest rates. It raises them.

Matt O'Brien

"Things will begin to make more sense once you realize monetary policy is more about expectations than interest rates. The latter just tell us about the former, especially when it comes to quantitative easing. Remember, buying bonds should lower interest rates, but it doesn't when it's the Fed doing the buying. It doesn't because the Fed isn't really buying bonds as much as it's sending a message that it wants more growth."

Sobre la reciente política económica de Japón

Tim Duy

Paul Krugman aca y aca. Scott Sumner comenta

Màs de Krugman

The Economist. Correccion y ampliacion de The Economist

Lars Christensen

Krugman: No esperamos alza en las tasas de largo plazo por mayores expectativas de inflaciòn

Màs de Krugman sobre Japon

Martin Wolf: The risky task of relaunching Japan

Sobre las predicciones de la teoría austriaca

Brad DeLong vs Robert Murphy

Cullen Roche

Daniel Kuehn sobre Mario Rizzo

Lars Christensen

Functional finance and the debt ratio

Parte I. Parte II. Parte III. Parte IV. Parte V

Crítica

Treasury 10-year yields head for record low on demand for haven

Noticia en Bloomberg

Taylor rules vs NGDP targets

Aca