Aca. 'The general glut of Thomas Robert Malthus'
Todo lo sue ha venido diciendo Brad DeLong: This time is not different: Walter Bagehot and the persistent concerns of financial macroeconomics.
What Bagehot said
DeLong: We need a hegemony:
"From this perspective monetary policy is and always has been about supporting asset prices at a level that allows firms that ought to be expanding to obtain finance and expand profitably. And ever since 1825 the central bank has done this by, whenever it needs to, taking long-duration and risky assets into its own portfolio--and thus off of the stock that must be held by the private sector whose risk tolerance has collapsed."
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