Me teadsime seda kõike…..

Tihti on nii, et postkeinsistid või MMT-lased seletavad midagi peavoolu majandusteadlastele ja need ütlevad, et tegelikult on peavoolu majandusteadus sellega kursis ja peavoolu majandusteadlased selle või selle vastu ei eksi. A la: neile on teada, et valitsustel ei saa raha otsa jne.

Seekord on jutt Bank of England’i  Money creation in the modern economy väljandest. Mäletad küll toda kirjeldust rahaloomest, kus väideti, et kommertspangad ei laena välja hoiustajate raha, nad ei laena välja reserve, majandusõpikutes kirjeldatud rahakordaja kontseptsioon on vale jne.

Simon Wren Lewis on peavoolu majandusteadlane (uuskeinsist). Ja ta kirjutas tolle Bank of England’i jutu kohta siin:

Bank says money multiplier is wrong – should we be shocked?

Ta ütleb, et jah, õpikutesse on lisatud neid asju juurde, aga vabandab majandusteadlased välja ja lisab, et tudengid tõesti ei saa aru tänu sellisele eksitusele:

…As a result, some students end up believing that banks just lend out deposits and that the central bank controls the money supply via a multiplier. And a central bank feels it needs to write an article pointing out that this is not so. That I think is a bit shocking.

Tegelikult pole tegemist ainult tudengitega ja need, kes õpikuid kirjutavad, ei saa ise aru, kuidas rahandussüsteem opereerib.

Pragmatic Capitalism blogi on mitmeid majandusteadlasi välja toonud, kes kõige lihtsama vastu eksivad:

Economists Already Understood the Money Multiplier (not)

“But as the economy recovers, banks should find more opportunities to lend out their reserves.”

–  Ben Bernanke, Former Fed Chairman, 2009

“Commercial banks are required to hold reserves equal to a share of their checkable deposits. Since reserves in excess of the required amount did not earn any interest from the Fed before 2008, commercial banks had an incentive to lend to households and businesses until the resulting growth of deposits used up all of those excess reserves.”

– Martin Feldstein, Harvard Economics Professor, 2013

– “[The Fed knows] that if there is an opportunity cost from these massive reserves they’ve injected into the system, we are going to have a hyperinflation.”

– Nobel Prize Winner Eugene Fama on why the Fed is paying interest on Reserves, 2012

“the Fed is paying the banks interest not to lend out the money, but to hold it within the Fed in what are called excess reserves.”

– Laurence Kotlikoff, Boston University Economics Professor, 2013

“Notice that “excess reserves” are historically very close to zero. This reflects the tendency (assumed in textbook discussions of “open market operations”) for commercial banks to quickly lend out any reserves they have, over and above their legally required minimum.”

–  Robert Murphy, Mises Institute, 2011

“In normal times, banks don’t want excess reserves, which yield them no profit. So they quickly lend out any idle funds they receive. “

–  Alan Blinder, Princeton University Economics Professor, 2009

“given sufficient time, [banks] will make enough new loans until they are once again reserve constrained. The expansion of money, given an increase in the monetary base, is inevitable, and will ultimately result in higher inflation and interest rates.”

–  Art Laffer, Former Reagan Economic Advisor, 2009

“First of all, any individual bank does, in fact, have to lend out the money it receives in deposits. Bank loan officers can’t just issue checks out of thin air”

–  Paul Krugman, Nobel Prize Winner & Princeton University Economics Professor, 2012

“Ohanian points out that the Fed has done a lot already, having increased bank reserves from $40 billion to $900 billion. But this liquidity injection was not what it seems — indeed, if it was, we’d now have hyperinflation. In reality, the Fed completely neutralized the injection by starting a new policy of paying interest on reserves, causing banks to simply hoard these “excess reserves,” instead of lending them out. The money never made it out into the economy, so it did not stimulate demand.”

–  Scott Sumner, 2009

Selge on see, et tegemist pole mingi tudengite probleemiga. Need inimesed on väga mõjukad, neid tsiteerivad sajad ja tuhanded inimesed, kes räägivad majandusest, et näe, Krugman ütles nii või Bernanke väitis seda. Nad ei saa raha endogeensusest aru ja kordavad kontseptsioone, mis on valed.   Probleem on väga suur ja mida kiiremini me endale seda tunnistame, seda suurem on lootus, et ebafunktsionaalne majanduspoliitika lõpeb.

 

About Kristjan

Defitsiidi terrorismi vastase pataljoni eriüksuslane (finantsignorantsuse vastu võitlemise osakond). Treening: MMT, postkeinsism, Tartu Ülikool Majandusteadus
This entry was posted in English, Estonian. Bookmark the permalink.

Lisa kommentaar

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Muuda )

Twitter picture

You are commenting using your Twitter account. Log Out / Muuda )

Facebook photo

You are commenting using your Facebook account. Log Out / Muuda )

Google+ photo

You are commenting using your Google+ account. Log Out / Muuda )

Connecting to %s