Prof. Deepak Lal on “..impotence of monetary policy, is a paper tiger.”
- ..the 2008 Crash is best seen as a Hayekian recession caused by “easy money” with the Fisherian consequences of a “balance-sheet recession”. How can the central bank avoid the deflationary Fisherian consequences of a financial crisis when — after the Hayekian boom — deleveraging is required by most agents in the economy?
No comments:
Post a Comment