An article
in today’s Financial Times by Robin Harding draws attention to the
destabilising international capital flows that resulted from QE, and claims
there is no solution to the problem. He quotes Prof. Helene Rey as saying “it
is hopeless to expect the Fed to set policy with other countries in mind…”
Well
actually there is a solution: abandon monetary policy as far as possible as a
means of adjusting aggregate demand, as I argued here
So thanks
to Robin Harding and the Financial Times for inadvertently supporting my point.
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