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Zero Interest Policy And The New Abnormal

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Zero Interest Policy And The New Abnormal

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Author : Michael Beenstock
language : en
Publisher:
Release Date : 2022

Zero Interest Policy And The New Abnormal written by Michael Beenstock and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Electronic books categories.

This book is the first comprehensive critique of the widespread and dominant political economy in which central banks set interest rates to zero and engage in unorthodox monetary policy (quantitative easing) while ministries of finance run large budget deficits and accumulate debt.

Zero Interest Policy And The New Abnormal

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Author : Michael Beenstock
language : en
Publisher: Oxford University Press
Release Date : 2022-07-11

Zero Interest Policy And The New Abnormal written by Michael Beenstock and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-07-11 with Business & Economics categories.

In the 'New Normal' central banks set their interest rate to zero and print money through massive quantitative easing, while finance ministries run huge fiscal deficits. Yet inflation remains minimal. Zero Interest Policy and the New Abnormal explains why. It also explains why the New Normal is really the New Abnormal, and why it can't last. This study traces the academic roots of the New Abnormal to a conceptual confusion about the 'natural rates of interest', and postmodernism in macroeconomics, exemplified by the DSGE (dynamic stochastic general equilibrium) movement. It develops a theory of 'existential risk' which is concerned with the collapse of political economies such the Bretton Woods system and the New Abnormal. The book demonstrates that existential risk expresses itself in the growing gap between the natural rate of interest, measured by the rate of return on capital, and the real rate of interest, as well as in the development of cryptocurrencies. Beenstock develops a theory of 'kinetic inflation' based on Keynes' liquidity trap, which accounts for the absence of inflation in the New Abnormal, and predicts its outbreak when zero interest policy ends. He also explores the adverse social consequences of the New Abnormal for fertility, pensions, house prices, economic inequality, and intergenerational equity and establishes a causal link from the New Abnormal to Covid-19 mitigation policy, and from the latter to the intensification of the New Abnormal. Finally, it assesses the prospects for ending the New Abnormal, and an orderly return to the Old Normal. The alternative is to crash-out of the New Abnormal chaotically.

The Zero Interest Trap Basics

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Author : Sal Pointer
language : en
Publisher: Independently Published
Release Date : 2021-08-13

The Zero Interest Trap Basics written by Sal Pointer and has been published by Independently Published this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-13 with categories.

The conventional critique of the Federal Reserve's policies of near-zero interest rates and massive monetary expansion is that they risk kindling excess aggregate demand and high inflation. Yet inflation worldwide remains low, and some major trading partners of the United States, such as Japan and now China, are worried about deflation. In this book, you will discover: Chapter 1: Zero Interest rates become reality Chapter 2: The Zero Interest Trap snap shut Chapter 3: The social consequences of zero interest rate policy Chapter 4: Building assets despite the Zero Interest Trap Chapter 5: Ways out of the Zero Interest Trap And so much more! Scroll up and click the "Buy now with 1-Click" button to get your copy now!