On negative interest rates and hoarding

FT Alphaville

"The point here is that while the central bank represents a complete monopoly when it comes to money that can be used to settle tax liabilities — every citizen’s ultimate liability to the state — it is only a market participant when it comes to the store-of-value market.

The ideal store-of-value takes something that would otherwise be a zero-yielding asset and turns it into an asset whose returns compensate for any additional money that falls into circulation — in response to output growth — that would otherwise come to dilute the purchasing power of the store-of-value when liquidated. By and large the private markets decide these rates when they decide how much they are prepared to pay for any store-of-value that offers a compensating income flow."

The natural rate of interest in the ABCT: A definition and analysis

Aca

Sobre el 'middle income trap'

The Economist aca y aca

Lecturas sobre safe assets

Compilaciòn de Bruegel

Nick Rowe explica que es un exceso de demanda de dinero. Bill Woolsey sobre Scott Sumner sobre 'desequilibrio monetario'

World GDP versus total value of financial asset market exchanges

Porque la Ley de Say es falsa

A brief history of the chinese growth model

Michael Pettis

Simple keynesianism for moentarists

Brad DeLong