PORTUGAL É UM PAÍS COM MEDO DE ESFORÇAR-SE
OLHA AQUELE VAI ENTRAR NO PANTEÃO SÓ PORQUE MORREU CEDO
TIVESSE MORRIDO UM VELHADAS COMO NÓS E SE CALHAR NÃO ENTRAVA
SÃO ESTES ESTRIBILHOS SEM BRILHOS
PESSIMISTAS E DESANIMADOS QUE AFUNDAM TODA A SÓLIDA FUNDAÇÃO
DESTE PAÍS QUE É RAIZ DE QUALQUER COISA
TALVEZ RAIZ QUADRADA DUMA POIA BEM ENQUADRADA
TALVEZ RAIZ DE QUADRADOS SENIS TRIANGULARES
FALTA DE ENERGIA PARA SER FELIZ
FALTA DE ENERGIA PARA TRABALHAR DEVAGAR QUE DEPRESSA CANSA
FALTA DE DISPOSIÇÃO NO PAÍS MAÇÃO
FALTA DE PACIÊNCIA NO PAÍS DA CIÊNCIA FEITA DECÊNCIA
FALTA DE ÂNIMO NOS MENINOS E NOS MIMOS QUE NOS MIMOSEIAM
NÃO SABEMOS FAZER SÓ SABEMOS FODER E NEM MESMO ISSO FAZEMOS BEM
NÃO SOMOS CAPAZES RAPAZES...
É IMPOSSÍVEL FAZER
DAÍ QUE SENDO IMPOSSÍVEL VENCER DIFICULDADES
TODO O PORTUGUÊS ASPIRE AO DESCANSO NO PANTEÃO
O PANTEÃO É A CONSAGRAÇÃO
POR UM TRABALHO BEM FEITO
IR PARA O PANTEÃO É A ASPIRAÇÃO DA NAÇÃO
NO PANTEÃO TUDO É PERFEITO
e o 25 de avril continua tão falido como o 24 e o 26
BeantwoordenVerwijderenThinking practically as opposed to through a model, it seems likely if you raise the short term rate to 20% or 200%, there is no bond market. There is a very small money supply. To the extent the economy survives, people move to equity finance, barter, so the answer is 1) Fed loses control of the 'nominal interest rate' in the sense of how real activity is financed.
And I'm not sure what this story says about moving from 4% to 0%. You still need a story for how that creates deflation. The model has to explain a real story.
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Pat2:30 PM
I'm confused. Doesn't Noah's thought experiment (as others have already pointed out, with no government debt---hence the Fed isn't pushing on rates via Treasuries) simplify to just printing money until inflation rises and nominal rates hit 20%?
But this is an example of the money supply expanding until the real economy reaches a point of inflation---which drives nominal rates higher. Why this would have any implications for the Fisher-ite prediction at the ZLB---where the interest rate supposedly is to follow the money supply, not vice versa, and especially where inflation is to exist in some other way than consequent on price levels---is not at all clear to me.
It seems like this follows as an implication from the behavior of the private supply of money at non-ZLB rates---when rates fall, fewer dollars stay deposited---and assumes that this will behave the same way when the natural rate of interest is below zero. But I just can't understand how depositors would behave that way at the ZLB: they're not satisfied with their return in deposits, but they're not likely to get a greater return in the real economy (and nor, evidently, are they willing to consume instead---the economy still being in a depression and all). So the supply of deposits keeps bumping up against a ZLB demand for it, which keeps paying very low rate, and I understand why they think they should be entitled to a rate consistent with a higher inflationary figure, but it seems obvious they're not going to get it.
So is what happening that they're really receiving a negative real interest, plus inflation sufficient to get a small positive interest rate, but convincing themselves that they're receiving a positive interest rate, plus a negative inflation rate (or minus deflation)? It makes sense to me that people might think so---but it equally makes sense to me that they're mistaken, and that no one else ought to think so.
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senseless ZLB with lack of Aids....3:21 PM
nice reasoning ......but convincing themselves is faith in their best economic sense or senseless economic's one of these
pretty nice blog, following :)
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