ヨーロッパの中央銀行ドラギ総裁「ECB、各国政府は金融政策ではなく財政政策 に力を入れるべきで、 MMTの様な新しいアイデアを検討すべき」と発言
https://t.co/Qb9Z9DodpQ
— 地域通貨花子１ (@TiikituukaHana) September 25, 2019
This is the short video of Mario Draghi's mention of MMT:
(hat tip to Professor Andrea Terzi)
Draghi: The ECB should look into helicopter money & MMThttps://t.co/48CfSdswF7
欧州中央銀行ドラギ総裁「ECB、…
MMTの様な新しいアイデアを検討すべき」と発言 pic.twitter.com/fpGVmjqQXX
 | Warren B. Mosler #MMT (@wbmosler) |
This is the short video of Mario Draghi's mention of MMT: youtube.com/watch?reload=9… (hat tip to Professor Andrea Terzi) | |
Draghi: The ECB should look into helicopter money & MMT
Liquidity if you have in mind
Objectives like climate change or reduced inequality in a more forceful more effective way
But probably not probably there are different ways to do it
And in fact some of the new ideas about monetary policy like the MMT like a recent
paper presented by various authors amongst which professor Fischer and others
Would suggest different ways of channeling money to the economy
Now these are objectively pretty new ideas
They have been they've not been discussed by the Governing Council and they so we should look at them
but they are not been tested
Is this the best way to allocate?
Liquidity if you have in mind objectives like climate change or reduced inequality in a more forceful more effective way but probably not probably there are different ways to do it.
And in fact some of the new ideas about monetary policy like the MMT like a recent paper presented by various authors amongst which professor Fischer and others Would suggest different ways of channeling money to the economy.
Now these are objectively pretty new ideas.
They have been they've not been discussed by the Governing Council.
and they so we should look at them.
but they are not been tested.
気候変動や不平等の削減などの目的があれば、より強力で効果的な方法で流動性を確保する必要がありますが、おそらくそうではないでしょう。
実際、MMTのような金融政策に関する新しいアイデアの中には、フィッシャー教授をはじめとする様々な著者が最近発表した論文のように、経済にお金を流すための様々な方法を提案するものもあります。
今、これらは客観的に見てかなり新しいアイデアです。
審議会では議論されていませんでした。
だから、見てみるべきなのです
が、テストされていません。
念頭に置いてあれば流動性
気候変動や不平等の削減など、より強力で効果的な方法での目標
しかし、おそらくそれを行う別の方法はおそらくないでしょう
実際、最近のMMTのような金融政策に関する新しいアイデアのいくつかは
フィッシャー教授をはじめとするさまざまな著者が発表した論文
経済にお金を送るさまざまな方法を提案します
今、これらは客観的にかなり新しいアイデアです
それらは統治評議会によって議論されていないので、それらを見なければなりません
しかし、それらは同様にテストされていません
Draghi Says ECB Should Examine New Ideas Like MMT
So what is a central banker to do? Hildebrand’s proposed solution was presented in a paper he wrote with three of his colleagues at BlackRock, the world’s largest asset manager, where he is now vice chairman. Released in August to coincide with the annual Jackson Hole meeting, the paper was co-authored by Stanley Fischer, former governor of the Bank of Israel and former vice chairman of the U.S. Federal Reserve; Jean Boivin, former deputy governor of the Bank of Canada; and BlackRock economist Elga Bartsch. Their proposal calls for “more explicit coordination between central banks and governments when economies are in a recession so that monetary and fiscal policy can better work in synergy.” The goal, according to Hildebrand, is to go “direct with money to consumers and companies in order to enliven consumption,” putting spending money directly into consumers’ pockets.
It sounds a lot like “helicopter money,” but he was not actually talking about raining money down on the people. The central bank would maintain a “standing emergency fiscal facility” that would be activated when interest rate manipulation was no longer working and deflation had set in. The central bank would determine the size of the facility based on its estimates of what was needed to get the price level back on target. It sounds good until you get to the part about who would disburse the funds: “Independent experts would decide how best to deploy the funds to both maximize impact and meet strategic investment objectives set by the government.”
 | Benjamin Braun (@BJMbraun) |
Step 6: Boivin, Fischer and Hildebrand co-author a paper that, acc. to @Schuldensuehner , will be discussed at Jackson Hole. Citing @ericlonners , they urge central banks to "go direct" in the next recession (good idea). Complete with implementation roadmap. pic.twitter.com/MNqESE3zuc | |
Dealing with the next downturn:
From unconventional monetary policy to
unprecedented policy coordination
Authors
Ooo
Elga Bartsch Head of Macro Research, BlackRock Investment Institute
Jean Boivin - Head, BlackRock Investment Institute
Stanley Fischer Senior Advisor, BlackRock Investment Institute
Philipp Hildebrand - Vice Chairman, BlackRock
Key contributor
Simon Wan - Senior Economist, BlackRock Investment Institute
BlackRock.
BIIM0819E-928887-1/16
2
ti 8
31
Tonotaryponcy
maker. Asset manager capitalism meets central bank-led capitalism. /END
ドラギが言及したフィッシャー
Dealing with the next downturn: From unconventional monetary ...
2019年8月30日 ... ... with the next downturn: From unconventional monetary policy to unprecedented policy coordination.
登録制
Dealing with the next downturn: From unconventional monetary ...
2019年8月16日 ... ... with the next downturn: From unconventional monetary policy to unprecedented policy coordination
部分引用
A soft form of coordination would rely on monetary and fiscal policy both providing stimulus when needed. Looking at the policy response during and after the crisis, and as we discussed earlier, there was room for a better policy mix with less reliance on monetary policy and more emphasis on fiscal policy. This is, in principle, a fruitful avenue to explore. Yet there are reasons why that better policy mix was not achieved – chiefly that it is practically and politically easier to resort to monetary policy. These forces are likely to keep prevailing in the future – and those simply hoping for a better form of soft coordination will probably be disappointed.
The charts below highlight how major economies are on a path of neutral budgets or mild deficit consolidation over the next five years based on IMF forecasts as of April 2019. This comes as their debt servicing costs have declined relative to growth – and given the recent plunge in interest rates those debt servicing costs have likely fallen further. See the expected change in the interest bill in the chart on the left below. This implies that fiscal policy is currently not pulling its weight.
This means that in a downturn the only solution is for a more formal – and historically unusual – coordination of monetary and fiscal policy to provide effective stimulus. Already many of the monetary policy tools adopted since the crisis – QE including private sector assets – have fiscal implications. Special facilities such as the eurozone’s Outright Monetary Transactions (OMT) during the sovereign crisis also show how the central bank can throw its balance sheet behind fiscal solutions.
Any additional measures to stimulate economic growth will have to go beyond the interest rate channel and “go direct” – when a central bank crediting private or public sector accounts directly with money. One way or another, this will mean subsidising spending – and such a measure would be fiscal rather than monetary by design. This can be done directly through fiscal policy or by expanding the monetary policy toolkit with an instrument that will be fiscal in nature, such as credit easing by way of buying equities. This implies that an effective stimulus would require coordination between monetary and fiscal policy – be it implicitly or explicitly.
I mean you see million jobs created
Then that means lower inequality because as I said unemployment is the largest source of inequality now
In a sense when you do monetary policy and this holds for eurozone
but for
every central bank in the world
you do monetary policy through
Injecting liquidity through the channels that exist at that point in time
In Europe you have a dominance of banks
So it's a Bank based economy and our monetary policy adds through the lending transmission channel of the banking system
In the United States it acts more through the markets financial markets
but basically that's what you have now
Is this as you said
is this the best way to allocate?
Liquidity if you have in mind
Objectives like climate change or reduced inequality in a more forceful more effective way
But probably not probably there are different ways to do it
And in fact some of the new ideas about monetary policy like the MMT like a recent
paper presented by various authors amongst which professor Fischer and others
Would suggest different ways of channeling money to the economy
Now these are objectively pretty new ideas
They have been they've not been discussed by the Governing Council and they so we should look at them
but they are not been tested as well and
When you look at them
closely
You realize that the task of distributing money to one subject or the other subject
That's typically a fiscal task It's the government's decision
It's not the central bank and you would certainly want to have the central bank
Deciding who should receive the money So the there are several issues that need to be
Explored with these new ideas
but one key issue is the political governance of these ideas that needs to be addressed
Thank you
Thank You Antonia Rinaldi ID
Gratia bolero you need
https // youtube / _ooZkThbiY
百万のジョブが作成されていることを意味します
それは不平等がより低いことを意味します
ある意味では、金融政策を行うとき、これはユーロ圏にも当てはまります
でも
世界のすべての中央銀行
あなたはを通じて金融政策を行います
その時点で存在するチャネルを通じて流動性を注入する
ヨーロッパでは銀行が優勢です
銀行ベースの経済であり、私たちの金融政策は、銀行システムの貸出伝達チャネルを通じて追加されます
米国では、金融市場を介してより多くの行動をとる
しかし、基本的にはあなたが今持っているものです
あなたが言った通りですか
これが最適な割り当て方法ですか？
念頭に置いてあれば流動性
気候変動や不平等の削減など、より強力で効果的な方法での目標
しかし、おそらくそれを行う別の方法はおそらくないでしょう
実際、最近のMMTのような金融政策に関する新しいアイデアのいくつかは
フィッシャー教授をはじめとするさまざまな著者が発表した論文
経済にお金を送るさまざまな方法を提案します
今、これらは客観的にかなり新しいアイデアです
彼らは統治評議会によって議論されていないので、彼らを見なければなりません
しかし、彼らは同様にテストされていません
それらを見ると
密接に
あなたはお金を1つの主題または他の主題に分配するタスクに気づく
それは通常、財政的な仕事ですそれは政府の決定です
それは中央銀行ではなく、あなたは確かに中央銀行を持ちたいと思うでしょう
誰がお金を受け取るべきかを決めるので、そうする必要があるいくつかの問題があります
これらの新しいアイデアで探索
しかし、重要な問題の1つは、これらのアイデアの政治的ガバナンスであり、対処する必要がある
ありがとうございました
アントニア・リナルディIDありがとう
あなたが必要とするグラティア・ボレロ
Draghi Says ECB Should Examine New Ideas Like MMT
posted by yoji at 12:25 午前
https://www.bloomberg.com/amp/news/articles/2019-09-23/draghi-says-ecb-should-examine-new-ideas-like-mmt
DraghiはECBがMMTのような新しいアイデアを検討すべきだと言う
フェルガル・オブライエン2019年9月23日、午前10時35分EDT
Draghiに関連して、ECBはMMTのような新しいアイデアを検討すべきだと言う
取引条件は、貿易戦争に巻き込まれた世界を解きほぐす毎日のニュースレターです。ここからサインアップしてください。
中央銀行総裁のマリオ・ドラギ氏は、統治評議会は近代通貨理論などのアイデアを受け入れるべきであるが、財政政策に近づいており、政府が指示すべきだと述べた。
ドラギは、欧州の議員からのヘリコプターのお金と、不平等を助長するような方法で資金を経済に振り向ける最良の方法についての質問に答えていました。彼はMMTと、ドラギ博士の顧問であるスタンレー・フィッシャー元連邦準備理事会副議長の最近の論文に言及しました。
「これらは客観的にはかなり新しいアイデアです」とドラギ氏は言いました。 「それらは統治評議会によって議論されていません。それらを確認する必要がありますが、テストされていません。」
彼は、そのような行動は流通に関する決定に依存していると付け加えたが、それは金融政策にとっては何かではない、と付け加えた。
「それらをよく見ると、ある主題または別の主題にお金を分配するタスクを実感します。これは通常、財政上のタスクです」と彼は言いました。 「それは中央銀行ではなく政府の決定です...対処する必要があるのは、これらのアイデアの政治的ガバナンスです。」
Helicopter Money
The Situation
How Low Can You Go?
The Background
The Argument
The Reference Shelf
Mark Gilbert in London at magilbert@bloomberg.net
John O'Neil at joneil18@bloomberg.net
Xi Jinping Should Worry; Life in China Harder With High Prices