tag:blogger.com,1999:blog-8764541874043694159.post306008468982756274..comments2024-03-28T12:23:39.665+00:00Comments on Coppola Comment: Bond yields and helicoptersFrances Coppolahttp://www.blogger.com/profile/09399390283774592713noreply@blogger.comBlogger29125tag:blogger.com,1999:blog-8764541874043694159.post-6030753579215655552016-04-12T13:20:18.086+01:002016-04-12T13:20:18.086+01:00Senang77.com Agen Texas Poker dan Bandar Domino QQ...Senang77.com Agen Texas Poker dan Bandar Domino QQ Online Terpercaya Indonesia<br />http://www.idblogpedia.com/senang77-com-agen-texas-poker-dan-bandar-domino-qq-online-terpercaya-indonesia/<br /><br />NAGAQQ.COM | AGEN BANDARQ | BANDARQ ONLINE | ADUQ ONLINE | DOMINOQQ TERBAIK<br />http://www.idblogpedia.com/nagaqq-com-agen-bandarq-bandarq-online-aduq-online-dominoqq-terbaik/domino qqhttp://onebetqq.comnoreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-85627979046347179342016-04-12T13:19:53.742+01:002016-04-12T13:19:53.742+01:00still not understand this..
- WEBSITE : domino qq ...still not understand this..<br />- WEBSITE : <a href="http://onebetqq.com" rel="nofollow">domino qq</a> | <a href="http://onebetqq.com" rel="nofollow">dominoqq</a><br />- LIVECHAT : http://onebetqq.com<br />- YM : onebetqq@yahoo.com<br />- PIN BB : 2B389195<br />- NO HP : +85587449127<br />- EMAIL : onebetqq@yahoo.com<br />domino qqhttp://onebetqq.comnoreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-63831578273587906312016-04-08T09:23:40.701+01:002016-04-08T09:23:40.701+01:00This comment has been removed by a blog administrator.The Dork of Corkhttps://www.blogger.com/profile/03352247603806622458noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-14960657566537137522016-04-07T20:23:13.374+01:002016-04-07T20:23:13.374+01:00QE is "fiscal" because it "taxes&qu...QE is "fiscal" because it "taxes" the economy by removing interest income from the private to public sector.<br /> BTOhttps://www.blogger.com/profile/07742433311983036311noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-56496539928628625752016-04-07T20:19:07.455+01:002016-04-07T20:19:07.455+01:00http://www.miguelnavascues.com/2016/04/la-aberraci...http://www.miguelnavascues.com/2016/04/la-aberracion-de-los-tipos-de-interes.htmlwww.MiguelNavascues.comhttps://www.blogger.com/profile/00880006105532291958noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-35063090183490573772016-04-07T20:12:44.915+01:002016-04-07T20:12:44.915+01:00Very good post. I agree. Very good post. I agree. www.MiguelNavascues.comhttps://www.blogger.com/profile/00880006105532291958noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-36571742272890148632016-04-07T18:13:04.419+01:002016-04-07T18:13:04.419+01:00With bond yields so low, company pension plans mus...With bond yields so low, company pension plans must consume more capital to guarantee their solvency. It becomes very expensive for companies to justify hiring new workers, as so much capital now needs to be reserved in pensions. People are living longer than ever. Low interest rate expectations mean a higher proportion of salaries must be saved. Huge numbers of future retirees soon coming to claim benefits means pensions often need a higher proportion of safer assets. The demand for safe assets has driven prices down. All these issues are magnified in defined benefit plan environments.<br /><br />I know the main reason why companies don't hire new workers is because economic growth has been so low, but company pension problems are one "structural" issue affecting employment that might be dealt with creatively by central banks.<br /><br />If central banks believed their interest rate targets are credible (that they are higher than they are now), one form of QE would be they should be able make is pay companies cash now for shares in company pension plans, or, alternatively, promises of some proportion of worker contributions to those plans, which would be like a form of pension nationalisation.<br /><br />The price a central bank pays for the shares in the pension plans could be calculated fairly. Apart from the private-sector assets of the plan, which I'll assume the market prices fairly, of interest to me would be how to evaluate the prices on any government bonds (this is a Quantitative Easing-like problem). If the central bank believes bonds are undervalued compared to the market prices, it should be willing to pay more for pension plans than the current market price in proportion to the plan's share of government-backed assets. Pension plans are a good asset to have: workers regularly pay into them. Central banks shouldn't be too leery about purchasing them.<br /><br />I think both methods need to be tried. A higher proportion of pensions should be state backed, and central banks should consider a QE program of buying "shares" in company pension plans. crfhttps://www.blogger.com/profile/10726414637021391906noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-81069740701627102482016-04-07T01:27:29.538+01:002016-04-07T01:27:29.538+01:00This comment has been removed by a blog administrator.The Dork of Corkhttps://www.blogger.com/profile/03352247603806622458noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-89139329331648398482016-04-07T01:18:48.283+01:002016-04-07T01:18:48.283+01:00This comment has been removed by a blog administrator.The Dork of Corkhttps://www.blogger.com/profile/03352247603806622458noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-8042611195186912412016-04-06T20:06:52.975+01:002016-04-06T20:06:52.975+01:00Imho the risk with money-financed deficit-spending...Imho the risk with money-financed deficit-spending is that it's going to leak outside the country's borders, i.e. it's going to be spent on imports and stimulate production abroad. Frances explained in her balance-of-payments article how that might have negative results, so effectively we're at an impasse.Jim Sliphttps://www.blogger.com/profile/15325962115410722474noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-81514181792410215252016-04-06T17:08:03.578+01:002016-04-06T17:08:03.578+01:00An excellent set of graphs. With the outcomes dem...An excellent set of graphs. With the outcomes demonstrated, you would have thought that a scientific approach might be to start questioning the model being used ...gastro georgenoreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-63478954647722325142016-04-06T15:35:44.886+01:002016-04-06T15:35:44.886+01:00Uk sub regional electricity consumption figures is...Uk sub regional electricity consumption figures is telling.<br />%change 2005 (peak) -2014<br />London (highest): -0.1%<br />North east (lowest): -17%<br /><br />All in favour of local authorities shutting down or shielding streetlights in the early morning hours but the decline is one of domestic consumption me thinks.<br />The North East has the lowest mean and median domestic consumption<br />3,418 kwh & 2,901 kwh respectively.<br /><br />South east<br />4,294kwh & 3,418 kwh respectively....<br /><br />Puts the Energy Trends "cold and warm winter explanations in perspective.<br /><br />The North east is the coldest part of England in the spring as the wind blows over the North Sea.<br /><br />We are in reality witnessing extreme poverty as a result of massive rentier flows toward financial centers.<br />Totally unbalancing rational production / <br />consumption dynamics.<br />The Dork of Corkhttps://www.blogger.com/profile/03352247603806622458noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-76025767875245148902016-04-06T12:38:29.811+01:002016-04-06T12:38:29.811+01:00But isn't politics also the reason why helicop...But isn't politics also the reason why helicopter money would never be implemented in the UK - it just destroys the Tory/New Labour narrative that "there is no money".gastro georgenoreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-53757094417841044752016-04-06T10:13:33.519+01:002016-04-06T10:13:33.519+01:00The history of the UK and unfortunately it's e...The history of the UK and unfortunately it's export of scarcity ideals to the rest of the world is essentially about the introduction of fossil fuels into former peasant lifestyles.<br />For 300 years these serfs ran around in circles at ever increasing speeds.<br />This race is otherwise known as productivity growth.<br />Now that the surpluses created have become too difficult to manage the authorities wish to reintroduce a form of pre industrial capitalism.<br />That is the previous replacement of the farm and commons with the ranch and all its waste.( including massive deforestation of marginal land)<br /><br />Its unfortunately all very predictable.<br />The Dork of Corkhttps://www.blogger.com/profile/03352247603806622458noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-3501684083785399502016-04-06T09:49:25.022+01:002016-04-06T09:49:25.022+01:00Uk lack of productivity policy is a deliberate act...Uk lack of productivity policy is a deliberate act.<br />It is no accident.<br />Again we must simply look at official Uk energy data.<br />Wood into electricity conversion was approaching half of steam coal / elec burn in the fourth quarter.<br />This is a full employment (social control) policy.<br /><br />These are unprecedented energy figures.<br />Never before has a country engaged a industrial sabotage policy on this scale.<br />Refer to March Uk energy trends publication covering all of 2015.<br />The Dork of Corkhttps://www.blogger.com/profile/03352247603806622458noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-77575778837983615402016-04-06T08:27:25.513+01:002016-04-06T08:27:25.513+01:00I think that for practical purposes, helo money ha...I think that for practical purposes, helo money has to be defined as money injected *past* the financial parts of the economy into the real economy.<br /><br />I think the essential issue is that rentiers are unreasonable about allowing normal people any power, political or economic, even when that means squashing the basis for future profits. They have every intention of maintaining relative positioning, even if that means an overall decline in wellbeing. Willfully paying wages so low that it creates turnover no matter how desperate job seekers are, even though any financial gains are eaten up by labor acquisition and training... Costo, Trader Joe's, and Southwest Airlines are all corporations that do things in a more sane, profitable manner--and they are still outliers. There is definitely a cultural element to things.<br /><br />There is one very quick way that the US can improve productivity--repeal the 2005 bankruptcy law. Normal people can use the increase in power to do more useful things. Said useful things will need new people and equipment, and virtuous cycle starts...shah8https://www.blogger.com/profile/04537529816304128000noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-88622960522411095612016-04-05T19:24:29.044+01:002016-04-05T19:24:29.044+01:00Yes you were. I wasn't having a go at you. Jus...Yes you were. I wasn't having a go at you. Just adding my tuppence worth.<br /><br />I like your posts very informative.<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-13422424589850408752016-04-05T14:56:28.036+01:002016-04-05T14:56:28.036+01:00This is exactly the point I was making. This is exactly the point I was making. Frances Coppolahttps://www.blogger.com/profile/09399390283774592713noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-53739573172093430012016-04-05T14:30:49.722+01:002016-04-05T14:30:49.722+01:00All budget deficits are already helicopter money.
...All budget deficits are already helicopter money.<br /><br />There's no difference between government spending and then offering bonds than just plain old government spending. In an accounting sense.<br /><br />The paper by Kelton and Fullwiler prove this point.<br /><br />http://neweconomicperspectives.org/2013/12/krugman-helicopters-consolidation.html<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-14574111813640360732016-04-05T12:55:17.653+01:002016-04-05T12:55:17.653+01:00No doubt there is some relationship between defici...No doubt there is some relationship between deficient demand and low productivity, but it's quite possibly circular. Low productivity results in poor wage growth which forces households to limit spending, resulting in deficient demand which discourages business investment thus depressing productivity....<br /><br />I doubt if zero hour contracts are a major cause of low productivity. From a business perspective, they actually improve efficiency. There does seem to be some evidence that companies substitute low-paid labour for investment in technology, thus depressing productivity. Frances Coppolahttps://www.blogger.com/profile/09399390283774592713noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-63483883750636969142016-04-05T12:49:46.213+01:002016-04-05T12:49:46.213+01:00It could be. That would prevent it being saved. Th...It could be. That would prevent it being saved. There is renewed interest in Gesell money as a way of discouraging hoarding. Of course, you would also have to find a way of preventing it being used to buy unproductive assets such as gold. Frances Coppolahttps://www.blogger.com/profile/09399390283774592713noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-5067651203165401102016-04-05T12:47:48.687+01:002016-04-05T12:47:48.687+01:00In a word, politics. In a word, politics. Frances Coppolahttps://www.blogger.com/profile/09399390283774592713noreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-33065110792012763122016-04-05T12:05:52.677+01:002016-04-05T12:05:52.677+01:00Does helicopter money have to be time limited ie s...Does helicopter money have to be time limited ie spend it or it decays?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-5332908220728117062016-04-05T12:00:22.861+01:002016-04-05T12:00:22.861+01:00Are lack of demand and low productivity related ?-...Are lack of demand and low productivity related ?- in my early working days piecework was favourite abdication of management ie pay directly related to output. Has zero hour contracts removed efficiency/output incentives along with low pay / benefits top up negating automation?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8764541874043694159.post-84773776350816867332016-04-05T11:11:39.598+01:002016-04-05T11:11:39.598+01:00Great post as always.
I'm struggling to under...Great post as always.<br /><br />I'm struggling to understand the kind of politics which prevents deficit spending at a time when there is almost a universal consensus from economists for it. I've seen calls from the IMF, the Economist and FT for deficit spending, these are hardly bleeding heart liberals. <br /><br />In the Eurozone I know Germany is a problem. But what about the UK and USA? What's stopping them?readjeromehttp://ceditalk.comnoreply@blogger.com