My new column for the Cayman Financial Review on the current twists in global Monetary Policies is now available on line: https://www.caymanfinancialreview.com/2019/05/07/monetary-policy-at-the-edge-of-qe/.
Showing posts with label Bank of Japan. Show all posts
Showing posts with label Bank of Japan. Show all posts
Tuesday, May 14, 2019
14/5/19: Monetary Policy at the edge of QE
My new column for the Cayman Financial Review on the current twists in global Monetary Policies is now available on line: https://www.caymanfinancialreview.com/2019/05/07/monetary-policy-at-the-edge-of-qe/.
Friday, August 2, 2013
2/8/2013: The Impossible Monetary Dilemma: July update
Two charts updating the Impossible Monetary Dilemma through July:
Good luck to all believing tapering will be enough to get monetary policy to mean-revert. Oh, and in case you wonder, mean reverting refers to historical mean - which is skewed downward by the period of historical lows of 2001-2005 and H2 2008- present. Even that historical mean is out of reach for any ordinary tightening.
Good luck to all believing tapering will be enough to get monetary policy to mean-revert. Oh, and in case you wonder, mean reverting refers to historical mean - which is skewed downward by the period of historical lows of 2001-2005 and H2 2008- present. Even that historical mean is out of reach for any ordinary tightening.
Saturday, July 6, 2013
6/7/2013: Feeding that Sovereign Cash Addiction?..
When the cure might be worse than the disease?
Two charts from BBVA Research:
Notice the size (as % of GDP) for the BoJ QE and notice the composition: BoJ now bought more JGBs as proportion of GDP than the Fed bought of Treasuries in Q1+Q2+Q3. But, as the chart below shows, that is still not making much of the difference (yet) in JGB holdings: banks and insurance companies remain captive to the state debt.
Two charts from BBVA Research:
Notice the size (as % of GDP) for the BoJ QE and notice the composition: BoJ now bought more JGBs as proportion of GDP than the Fed bought of Treasuries in Q1+Q2+Q3. But, as the chart below shows, that is still not making much of the difference (yet) in JGB holdings: banks and insurance companies remain captive to the state debt.
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