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Duy: Actually, I would go one step further than Wray and argue that the Fed's expectations tools coupled with large-scale asset purchases allows them to influence the entire yield curve.
He doesn't seem to be aware that MMT (including Randy) has said this all along.
Duy: Harrison (correctly) views the deficit as largely endogenous. When the economy improves, then the deficit will dissapear (or at least be greatly reduced). So arguing about the deficit's impact on interest rates is pointless:
MMT (including Randy) said this long before Ed Harrison.
4 comments:
I completely agree with Duy's analysis.
Duy: Actually, I would go one step further than Wray and argue that the Fed's expectations tools coupled with large-scale asset purchases allows them to influence the entire yield curve.
He doesn't seem to be aware that MMT (including Randy) has said this all along.
Duy: Harrison (correctly) views the deficit as largely endogenous. When the economy improves, then the deficit will dissapear (or at least be greatly reduced). So arguing about the deficit's impact on interest rates is pointless:
MMT (including Randy) said this long before Ed Harrison.
No argument there Tom.
Someone ask this Duy if he's ever heard of Marriner Eccles.
Or, just "history."
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