Paper de Michael Woodford en Jackson Hole

'Methods of policy accomodation at the interest rate lower bound'

Resumen

Anàlisis de David Beckworth

Paul Krugman aca y aca

Gavyn Davies sobre el discurso de Bernanke y el paper de Woodford: US monetary policy at an important turning point

David Glasner sobre el discurso de Bernanke

"The reductions in long-term interest rates reflect not the success of QE, but its failure. Why was QE a failure? Because the only way in which QE could have provided an economic stimulus was by increasing total spending (nominal GDP) which would have meant rising prices that would have called forth an increase in output. The combination of rising prices and rising output would have caused expected real yields and expected inflation to rise, thereby driving nominal interest rates up, not down. The success of QE would have been measured by the extent to which it would have produced rising, not falling, interest rates."

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