Ramanan comments on circuit's On the (ir)relevance of the money multiplier model: The Fed view posted at Fictional Reserve Barking about the Fed's LSAP (large scale asset purchases).
The Case for Concerted Action
Central Bank LSAP: Is The Money Stock Supply-Determined Or Demand-Determined?
Ramanan
this is very interesting and relevant:
ReplyDeleteRajiv Sethi: 'The Payments System and Monetary Transmission'
http://rajivsethi.blogspot.co.uk/2013/11/the-payments-system-and-monetary.html
Good idea but I don't much like the details. There's simpler ways. Moreover, the thinking is still in terms of the central bank as "savior." That is a concept that is dangerous for democracy.
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