QE: Is There a Portfolio Balance Effect?
2014; Federal Reserve Bank of St. Louis; Volume: 96; Issue: 1 Linguagem: Inglês
10.20955/r.96.55-72
ISSN2163-4505
Autores Tópico(s)Monetary Policy and Economic Impact
ResumoAll that quantitative easing (QE) does is to restructure the maturity of U.S. government debt in private hands.Now, of all the stories you've heard why unemployment is stubbornly high, how plausible is this: "The main problem is the maturity structure of debt.If only Treasury had issued $600 billion more bills and not all these 5 year notes, unemployment wouldn't be so high.It's a good thing the Fed can undo this mistake."Of course that's preposterous.-
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