Quantitative Easing (QE) inozoentzat

joseba
| 2015-03-27

Hasiera: zertan datzan QE

Mosler-en hitzez, QE zerga bat da1

Blog honetan QEz aritu gara:

  1. EBko krisia eta QE2

  2. Randall Wray-k Paul Krugman-ez eta QEz3

  3. Europak ekaitz intelektual bat behar du4

  4. EBn norabide aldaketa behar da5

Hemen ere:

  1. QE plazebo bat da6

  2. QE EBrako: irtenbidea?7
  3. QE: Mosler eta Draghi, berriz…8

QE inozoentzat9.

Albistea (Dec 16, 2008)10.

Mezua: QE dela eta, banku zentralek bankugintza sistema diru kopuruz betetzen dute maileguak bultzatzearren11.

Mosler-en hitzak: Mailegatzea ez dute erreserbek mugatzen. Erreserba ‘extrek’ ez diote ezer laguntzen mailegatzeari. Eskari agregatua da afera12.

Mezua: Hori egin ohi dute interes tasen jaistea ez denean efektiboa, haiek zero edo zerotik hurbil daudelako13.

M-ren hitzak: Benetakoa.

Mezua: Banku zentralek eskudirua gehitzen dute tituluen kantitate handiak erosiz bankuen balantze orrietatik14…

M-ren hitzak: Bai.

Mezua: …beraie emanez diru berri asko mailegatzeko15.

M-ren hitzak: Ez, jadanik eta beti infinitu diru daukate mailegatzearren16.

Mezua: Japoniak erreminta hori erabili zuen hamarkada honetan deflazioari aurre egiteko eta ekonomia pizteko17.

M-ren hitzak: Orduan ere ez zuen lan egin. Politika fiskala erabili zuten, nahiz eta ez defizit nahikoarekin18.

10 Ingelesez:“NEW YORK (Reuters) – The Federal Reserve on Tuesday cut its target for overnight interest rates to zero to 0.25 percent, bringing it closer to unconventional action to lift the economy out of a year-long recession.”

11 Ingelesez: “…they’re instituting quantitative easing on a fairly large scale…” “Under quantitative easing, central banks flood the banking system with masses of money to promote lending.”

12 Ingelesez: “Central banks exchange non or low interest bearing assets- reserve balances- for longer term higher yielding securities. Since lending is in no case ‘reserve constrained’, the ‘extra’ reserves do nothing for lending. The purchase of the longer dated securities results in lower longer term rates than otherwise. The lower borrowing rates may or may not alter aggregate demand. The lower rates for savers definitely lowers aggregate demand.”

13 Ingelesez: “They usually do this when lowering official interest rates no longer is effective because they already are at or near zero.”

14 Ingelesez: “The central banks add cash by buying up large quantities of securities — government debt, mortgages, commercial loans, even stocks — from banks’ balance sheets,…”

15 Ingelesez: “… giving them plenty of new money to lend.”

16 Ingelesez: “No, they already and always have infinite ‘money to lend’. Available funds are not a constraint for the banking system. The constraints are regulated asset quality and capital requirements that are expressed in the rates bank charge. Not the total quantity of funds available.”

17 Ingelesez: “It is a tool used by Japan earlier this decade to combat deflation and stimulate the economy.”

18 Ingelesez: “Didn’t work then either. It was fiscal policy that kept them afloat, though not a large enough deficit to sustain output at full employment levels.”

Iruzkinak (2)

  • joseba
    joseba says:

    Mosler-en iruzkinak (in http://moslereconomics.com/2008/12/17/quantitative-easing-for-dummies/):

    “Bank in Japan js uk etc always have all the reserves they want

    all liabilities are also ‘instantly’ assets

    borrowing increases liabilities, and the borrowed funds are assets

    when the fed changes the ff rate it changes the interest rate it charges the banking system when it adds needed reserves, or changes the rate it pays on reserves when there are excess reserves.

    when it keeps the banks net borrowed, it just changes the cost of those funds to change fed funds rates when it keeps the banks net long, it just changes the rate it pays on reserve balances no quantity changes involved.”

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