試す 金 - 無料
THE LEGACY OF MONETARY MANDARINS
The Morning Standard
|November 16, 2024
History will not be kind to central bankers fixated only on the financial economy. It will also be critical of govts passing the hard decisions to such unelected technocrats
Central bankers are rarely out of the media. When not changing rates or announcing new infusions, they are jawboning markets and pontificating on economic conditions.
This prominence is recent. Building on the credibility of his predecessor Paul Volcker in controlling inflation, Alan Greenspan of the US Federal Reserve intervened after the October 1987 stock market crash despite little evidence of any threat to economic activity. The Bank of Japan interceded to deal with the aftermath of the 1990 collapse of the bubble economy.
The rulebook expanded after the 2001 dot-com problems and the 2007/8 financial crisis. The staple was interest rates. When they approached zero, central banks innovated with negative rates and implemented quantitative easing (QE), purchasing securities, government bonds but later including mortgage-backed securities, corporate bonds and shares, using newly created reserves.
Central banks implemented yield curve control (YCC) to target specific rates. Policymakers introduced financing arrangements to provide funds to banks to bolster liquidity and also on-lend to clients. Critics joked that central bankers would deploy these tools to even combat an alien invasion.
An analysis of these policies is unflattering. The effects on economic activity were inconclusive. Low rates and abundant money did not always convince households, some already heavily indebted, to take out new loans. Businesses proved reluctant to borrow to invest when demand was low.
このストーリーは、The Morning Standard の November 16, 2024 版からのものです。
Magzter GOLD を購読すると、厳選された何千ものプレミアム記事や、10,000 以上の雑誌や新聞にアクセスできます。
すでに購読者ですか? サインイン
The Morning Standard からのその他のストーリー
The Morning Standard
Police raise white-collar terrorism in opposing Umar, Sharjeel bail pleas
OPPOSING the bail pleas of the activists Umar Khalid, Sharjeel Imam and others in the February 2020 riots case, Delhi Police on the second day of the Supreme Court hearing said that it had become a trend now for doctors and engineers to engage in anti-national activities.
1 mins
November 21, 2025
The Morning Standard
Parents want better indoors infra after CAQM ban on outdoor sports in schools
AS toxic air engulfs Delhi NCR, school-going children are among the ones who face high health risks.
1 mins
November 21, 2025
The Morning Standard
HC refuses to quash rape case against husband, says can’t make exception
THE Delhi High Court has refused to quash proceedings against a man accused of sexual offences in a case filed by his wife, noting that she was a minor at the time. The court said it “cannot give judicial endorsement to underage marriages”.
1 min
November 21, 2025
The Morning Standard
SC’s ‘opinion’ may not affect 2-judge ruling on 10 TN bills, says retd judge
THE “opinion” provided by the five-judge Constitution bench of the Supreme Court on the Presidential Reference regarding the powers of Governors and the President regarding assent for bills will not affect the earlier judgment of a two-judge bench of the court that granted “deemed assent” to 10 TN Bills that faced prolonged delays from Governor R N Ravi, at least two senior counsels and a retired judge told TNIE.
1 mins
November 21, 2025
The Morning Standard
Govt to start survey of industries to assess manufacturing sector growth
AIMING to assess growth of the manufacturing sector in the city, the Delhi government has decided to conduct an annual survey of industries.
1 min
November 21, 2025
The Morning Standard
Post blast, Red Fort ready to host
President Murmu, Union home minister to attend three-day commemoration of Sikh history
2 mins
November 21, 2025
The Morning Standard
Educators learn to use AI in French classrooms
MORE than 100 French language educators from various schools of Delhi, other regions of the National Capital Region, and neighbouring states attended a teachers training programme at Delhi Public School, R K Puram. Langers International collaborated with the French Embassy in India for the two-day programme.
1 min
November 21, 2025
The Morning Standard
Punjab cops eye Anmol custody to probe role in Moosewala murder case
PUNJAB police will seek the custody of Anmol Bishnoi, who has been arrested by the NIA after his deportation from the US, to investigate his alleged key role in the murder of Punjabi singer Sidhu Moosewala.
1 mins
November 21, 2025
The Morning Standard
Govt cracks down on dust pollution, 200 notices sent
THE Delhi government has intensified inspections and enforcement against dust pollution at construction and demolition (C&D) sites, issuing over 200 show-cause notices and ordering the closure of 48 projects since mid-October, officials said on Wednesday.
1 min
November 21, 2025
The Morning Standard
J&K Police raids hospitals, prisons, stores to uncover terror networks
POLICE and security agencies have expanded their crackdown on the interstate “white-collar terror module” linked to the Delhi blast by launching extensive search operations across hospitals, fertiliser and hardware stores, and multiple prisons in J&K to dismantle emerging militant modules and prevent radicalisation.
1 min
November 21, 2025
Listen
Translate
Change font size

