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Think outside the box

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量的緩和に関するCochraneの見解

金融

シカゴ大学の金融学者John H. Cochraneが量的緩和や中銀当座預金への付利(interest on reserves)を用いた金融政策について書いています。

Reserves that pay market interest are not inflationary. Period. Now that banks have trillions more reserves than they need to satisfy regulations or service their deposits, banks don't care if they hold another dollar of interest-paying reserves or another dollar of Treasurys. They are perfect substitutes at the margin.

Interest-paying reserves are not inflationary. The money multiplier, the link between open market operations and lending, and velocity will all become meaningless.

いわゆる「リフレ派」は異論があると思われますが、読む価値はあるので一読をお勧めします。