Опустошителната цена на прекално внимателната политика на централните банки
Авторът отправя съкрушителна критика към ЦБ за това че не са действали по-смело при кризата. Но пък той съвсем забравя, че ЦБ бяха подложени на опустошителна критика, че изобщо нещо правят...
The devastating cost of central banks’ caution
For years, central bankers have fretted about being ready to “normalise” monetary policy, a term whose main function has been to make a shift to monetary contraction in crisis-scarred economies sound responsible rather than risky. Their common concern has been that, without a timely contraction in monetary conditions, economies would overheat. The characteristics of growth beyond capacity — unsustainably high employment; inflation exceeding and potentially accelerating above target — would then be hard to rein in.
Ten years on, we know how wrong this was. Overheating is nowhere to be seen. In the US, the furthest ahead in the cycle, employers keep adding jobs without having to increase wages much. While unemployment has been at record lows for a long time, labour force participation remains below its historical peak even adjusting for demographic change. The growth spurt that followed Donald Trump’s huge tax cuts suggests that the economy can absorb a chunky aggregate demand stimulus.
Авторът отправя съкрушителна критика към ЦБ за това че не са действали по-смело при кризата. Но пък той съвсем забравя, че ЦБ бяха подложени на опустошителна критика, че изобщо нещо правят...
The devastating cost of central banks’ caution
For years, central bankers have fretted about being ready to “normalise” monetary policy, a term whose main function has been to make a shift to monetary contraction in crisis-scarred economies sound responsible rather than risky. Their common concern has been that, without a timely contraction in monetary conditions, economies would overheat. The characteristics of growth beyond capacity — unsustainably high employment; inflation exceeding and potentially accelerating above target — would then be hard to rein in.
Ten years on, we know how wrong this was. Overheating is nowhere to be seen. In the US, the furthest ahead in the cycle, employers keep adding jobs without having to increase wages much. While unemployment has been at record lows for a long time, labour force participation remains below its historical peak even adjusting for demographic change. The growth spurt that followed Donald Trump’s huge tax cuts suggests that the economy can absorb a chunky aggregate demand stimulus.
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