The quote is from Nick Rowe. Winterspeak responds from the POV of monetary economics versus monetarism.
Hint: It's the transmission mechanism, as MMT proponents have been saying from the time that NGDP targeting was surfaced, not mention seeing bond vigilantes' faces in the clouds.
Winterspeak.com
"Japan looks even more unstable than the US"
Winterspeak
3 comments:
The reason net private sector savings are so high is because taxes on capital and high income earners are low.
Krugman makes a useful argument (worth reading):
https://webspace.princeton.edu/users/pkrugman/The%20Simple%20Analytics%20of%20Invisible%20Bond%20Vigilantes.pdf
I know where the bond vigilantes are.
They are out with the confidence fairies doing blow.
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