A World of Cheap Money; Economic Policy  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 407 no. 8830 (Apr. 2013), page 14-15.
Topik: Central Banks; Monetary Policy; Statistical Data; International; Economic Impact

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Overall, rich-world growth is likely to be barely over 1% in 2013, little better than in 2012. Supporters argue that cheap money is essential for economic recovery, particularly when (as in Europe and America) austerity-minded governments are tightening fiscal policy. Critics counter that low rates simply pump up asset bubbles, distort financial markets and risk inflation. The Economist is a supporter--but cheap money will work only if the medicine is administered properly and if governments change other things, too. The critics are right that cheap money has clearly had its biggest effect in finance, but its effect on other parts of the economy has not been as negligible as they suggest--especially in America. Monetary policy does not operate in a vacuum. If you simultaneously tighten fiscal policy (as Europe has done and America is now starting to do), it will soften the effect of cheap money.

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