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Are lower interest rates really associated with higher growth? New empirical evidence on..
Posted on 6/15/22 at 7:06 am
Posted on 6/15/22 at 7:06 am
found on Solari Rpt TG channel:
New empirical evidence on the interest rate thesis from 19 countries
by: Kang-Soek Lee, Richard A. Werner
Wiley Online Library
First published: 03 June 2022
Since 2008, central banks have repeatedly reduced nominal policy interest rates, even to zero or negative territory, in an attempt to stimulate real economic activity. Meanwhile, bond yields have also fallen towards zero or beyond, at least partly influenced by central bank action…
More here...
LINK
New empirical evidence on the interest rate thesis from 19 countries
by: Kang-Soek Lee, Richard A. Werner
Wiley Online Library
First published: 03 June 2022
Since 2008, central banks have repeatedly reduced nominal policy interest rates, even to zero or negative territory, in an attempt to stimulate real economic activity. Meanwhile, bond yields have also fallen towards zero or beyond, at least partly influenced by central bank action…
More here...
LINK
2
Posted on 6/15/22 at 7:13 am to TNoon
quote:
Are lower interest rates really associated with higher growth?
I mean, we've been artificially inflating goods, services, etc. for over a decade to ensure deflation didn't occur. Do you think that growth is more possible in an inflationary or deflationary environment? That's the question, and while I have been a proponent for allowing natural economic effects (which include deflationary periods) over manipulation, I understand that a long-term deflationary status would be potentially devastating for much of our population.
The biggest issue with that study is the timeframe. Doing a major analysis of economic effects post-2008 to the present isn't really a good window for any clean analysis. You would have to adjust for all sorts of economic issues in each country to really compare. There was WAY too much going on and the comparable data has to be normalized much more effectively.
Posted on 6/15/22 at 8:54 am to TNoon
Sound theory refutes inflationism as far as I can tell. Deflation being undesirable because it accompanies hard times is not an indictment of falling prices in themselves, but is rather an indictment of the inflationary policy that brought about the economic structure that wasn’t sustainable. Harmful deflation is a consequence of artificial inflation. Seeing inflation during the good times and deflation during the bad and assuming the former is thus good and the latter is thus bad, is to misunderstand the causal relation.
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