|
I'm on holiday http://www.rosabus.com/atlas-100-ho-track-2c5c.pdf cristor atlas 100 hd wifi This is where the Fed would get more radical than QE. Were the Fed to target nominal GDP growth, it would have to work closely with the government to determine what the growth rate should be. The old ideas of central bank independence would have to be modified in favor of something closer to what is happening now in Japan, where the central bank is actively working with the prime minister in order to combat long-term deflation. For the U.S., the problem is slow growth, not deflation (Bernanke whipped inflation but was unable to fully reinvigorate animal spirits). In concert with the government, the Fed could conceivably target job-creating industries for direct financial injections or no-interest loans. This could devalue the dollar though that is not the goal and, thus far, countries that export to the U.S. have managed to maintain a desirable balance between their currencies and the greenback (indeed, the bigger global risk is not a falling dollar but crashing emerging market currencies).
|