カテゴリ:Monetary Policy( 10 )

ワシのせいじゃないよ --- その2

WSJより:
"I was praised for things I didn't do," Mr. Greenspan said during one of three interviews at his sun-drenched office in downtown Washington, D.C. "I am now being blamed for things that I didn't do."

またまた、グリーンスパンの愚痴です。
[PR]
by stupid-market | 2008-04-09 10:47 | Monetary Policy

ワシのせいじゃないよ、ホントに

FTより:
But the US bubble was close to median world experience and the evidence that monetary policy added to the bubble is statistically very fragile.

グリーンスパンが「ワシのせいじゃないよーん」と言ってます。
[PR]
by stupid-market | 2008-04-08 10:03 | Monetary Policy

1 to 3%

FRBのホームページより:
These considerations provide the foundations for a broad consensus among academic economists and monetary policymakers around the world that the optimal inflation rate is in the range of about 1 to 3 percent; that is, an average inflation rate outside this range would be detrimental to longer-run health of the economy.

なるほど、インフレは高すぎても低すぎても良くないということですね。


日銀のホームページより:
「物価の安定」とは、概念的には、計測誤差(バイアス)のない物価指数でみて変化率がゼロ%の状態である。現状、わが国の消費者物価指数のバイアスは大きくないとみられる。物価下落と景気悪化の悪循環の可能性がある場合には、それを考慮する程度に応じて、若干の物価上昇を許容したとしても、金融政策運営において「物価の安定」と理解する範囲内にあると考えられる。

<中略>

消費者物価指数の前年比で表現すると、0~2%程度であれば、各委員の「中長期的な物価安定の理解」の範囲と大きくは異ならないとの見方で一致した。

ゼロインフレが理想だけど、若干の物価上昇も「許容」できるということですか。うーむ。日銀の政策委員の考えは、"a broad consensus among academic economists and monetary policymakers around the world"に明らかに反しているということですね。
[PR]
by stupid-market | 2008-03-29 08:20 | Monetary Policy

Fed Fund Question

Paul Krugmanのブログより:
But I have a possibly naive question: can the Fed really cut the Fed funds rate that far? I don’t mean “can” in the sense that other concerns will give them pause; I mean literally — does the Fed really have that ability?

FedはFFレートを超低金利(1%とか)にすることができない?そんなバカな、と思うけどホントのところはどうでしょう。いずれ分かるような気がします。
[PR]
by stupid-market | 2008-03-21 12:28 | Monetary Policy

Absolute Flight to Safety

Reuterより:
The three-month T-bill yield, considered by economists as a benchmark of "risk-free" return on U.S. assets, reached as low as 0.56 percent, down 29 basis points from late Tuesday.

とうとう来てしまいました。
[PR]
by stupid-market | 2008-03-20 08:40 | Monetary Policy

冷凍食品

NIKKEI NETより:
インフレ対策に割安な冷凍食品を食べましょう――。1月の消費者物価上昇率が前年同月比6.6%と約26年ぶりの高い伸びを示したシンガポールで政府が冷凍食品購入を奨励するキャンペーンを始めた。

じゃあ、日本はデフレ脱却のために生ものを食べた方が良いですね。
[PR]
by stupid-market | 2008-03-11 11:48 | Monetary Policy

Negative Yield

Bloombergより:
Yields on five-year Treasury Inflation-Protected Securities fell below zero for a third day on investor speculation that inflation will quicken as the U.S. economy slows.

こりゃあ、ベン君も大変だなぁ。
[PR]
by stupid-market | 2008-03-05 09:42 | Monetary Policy

No Greek Gods in the Market

Bloombergより:
Greece closed its stock and bond markets after central bank employees went on strike for a second straight day, joining subway and utility workers in national protests against pension reform.

ありえねぇ。
[PR]
by stupid-market | 2008-03-04 22:57 | Monetary Policy

Hangover

クルーグマンのブログより:
There’s an old joke that Jacob Frenkel, formerly of Chicago and then the Bank of Israel, used to tell to illustrate the fallacy of thinking that you always have to do the opposite of what caused the initial problem. A driver runs over a pedestrian; he looks back, realizes what he’s done. “I’m so sorry,” he says. “Let me fix the damage.” So he backs up, running over the pedestrian a second time.

二日酔いの朝には迎え酒が効くと言うのと似てますね。ちょっと違うような気もしますが。
[PR]
by stupid-market | 2008-03-04 11:17 | Monetary Policy

Honest Ben

Bloombergより:
"There probably will be some bank failures,'' Bernanke said. "There are, for example, some small, or, in many cases, de novo banks that are heavily invested in real estate in locales where prices have fallen.''

心の中で思っていても、それを言ったら拙くないですか?あんた只の学者じゃなくて、FRB議長なんだから。
[PR]
by stupid-market | 2008-02-29 09:12 | Monetary Policy