Stephen Williamson
1954swilliamson
1/Because you can't collect enough revenue to finance a modern government by issuing consolidated government liabilities - the liabilities of the central bank and the central government. This is just
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1/Well, this seems like a bad idea. The crux of Kocherlakota's argument is that, if the Fed does not go negative, "...the Fed is giving up on unemployment reductions to
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1/This Bank of England arrangement with HM Treasury may not be a big deal. The normal arrangement in most countries is for the central bank to keep the government at
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