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White (2012): Ultra Easy Monetary Policy
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Ultra Easy Monetary Policy and the Law of Unintended Consequences
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Der Autor, der im inneren des kapitalistischen Finanzzirkus arbeitet, stellt den theoretischen Fundamenten seines Apparats kein gutes Zeugnis aus.

"The unexpected beginning of the financial and economic crisis50, and its unexpected resistance to policy measures taken to date, leads to a simple conclusion. The variety of economic models used by modern academics and by policymakers give few insights as to how the economy really works. If we accept this ignorance as an undesirable reality, then it would also seem hard to deny the possibility that the policy actions taken in recent years might also have unintended consequences. Indeed, it must be noted that many pre War business cycle theorists focused their attention on precisely this possibility." (S.14)

William R. White is currently (2012) the chairman of the Economic Development and Review Committee at the OECD in Paris. He was previously Economic Advisor and Head of the Monetary and Economic Department at the Bank for International Settlements in Basel, Switzerland.

Textgleicher Aufsatz in:

William R. White, ″Ultra easy monetary policy and the law of unintended consequences″, real-world economics review, issue no. 62, 25 March 2013, pp. 19-56,
In this paper, an attempt is made to evaluate the desirability of ultra easy monetary policy by weighing up the balance of the desirable short run effects and the undesirable longer run effects – the unintended consequences. The conclusion is that there are limits to what central banks can do. One reason for believing this is that monetary stimulus, operating through traditional (″flow″) channels, might now be less effective in stimulating aggregate demand than previously. Further, cumulative (″stock″) effects provide negative feedback mechanisms that over time also weaken both supply and demand. It is also the case that ultra easy monetary policies can eventually threaten the health of financial institutions and the functioning of financial markets, threaten the ″independence″ of central banks, and can encourage imprudent behavior on the part of governments. None of these unintended consequences is desirable. Since monetary policy is not ″a free lunch″, governments must therefore use much more vigorously the policy levers they still control to support strong, sustainable and balanced growth at the global level.

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