Ian Werningが画期的な論文を書いて
注目を集めているそうです。
もっとも、そう言って紹介しているWilliamsonは、あまり高く評価していないらしい。
http://www.newmonetarism.blogspot.jp/2012/11/managing-liqudity-trap-monetary-and.html
＜In terms of the logic of the model, and what we know about the recent recession, the negative natural real rate shock does not make any sense. More fundamentally, this is a model which does not incorporate any financial factors. There is no credit, no banks, and in fact no money. Monetary policy is about setting a market nominal interest rate, and that's it. The model has nothing to say about quantitative easing, why it may or may not work, and how that policy fits into the forward guidance policy that Werning's paper is about. It seems particularly bizarre to be attempting to address monetary policy in the wake of the financial crisis in a model that can exhibit nothing that looks like a financial crisis.＞
なるほど、マネタリストらしい文句のつけ方だ。
原文もDLできます。
http://dl.dropbox.com/u/125966/zero_bound_2011.pdf
もっとも、そう言って紹介しているWilliamsonは、あまり高く評価していないらしい。
http://www.newmonetarism.blogspot.jp/2012/11/managing-liqudity-trap-monetary-and.html
＜In terms of the logic of the model, and what we know about the recent recession, the negative natural real rate shock does not make any sense. More fundamentally, this is a model which does not incorporate any financial factors. There is no credit, no banks, and in fact no money. Monetary policy is about setting a market nominal interest rate, and that's it. The model has nothing to say about quantitative easing, why it may or may not work, and how that policy fits into the forward guidance policy that Werning's paper is about. It seems particularly bizarre to be attempting to address monetary policy in the wake of the financial crisis in a model that can exhibit nothing that looks like a financial crisis.＞
なるほど、マネタリストらしい文句のつけ方だ。
原文もDLできます。
http://dl.dropbox.com/u/125966/zero_bound_2011.pdf
