Central banks: Shifting the burden

Posted: January 22, 2016 in economy
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Who’s afraid of cheap oil?

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Central banks


Central banks need to do less, and politicians more

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The Only Game in Town: Central Banks, Instability and Avoiding the Next Collapse. By Mohamed El-Erian. Random House; 296 pages; $28.

THE past seven years have been an extraordinary period for central bankers. Not only have they cut interest rates to zero (and even below) in the developed world; for the first time in their history central banks have greatly expanded their balance sheets, buying government bonds and other assets. Most economists agree that vigorous action was needed in the wake of the financial crisis in 2007-08 in order to head off a repeat of the Great Depression. Nevertheless, the sheer scale and protracted nature of such monetary stimulus is now a cause for concern among some commentators; have the banks permanently distorted the economy? In December the Federal Reserve made the first, …

via Economic Crisis http://ift.tt/1ZOSp8T


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