Peter Stella on the Quasi-Fiscal Implications of Central Bank Crisis Intervention
Macro Musings with David Beckworth
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Should the Fed Have Lost $1 Trillion?
The move towards bigger balance sheets at central banks has definitely come with some costs. I have been fighting an insurgency against using all of the different policy measures that central banks have taken over the last 15 years and putting them all under the umbrella of QE. It matters whether you're buying government securities or private securities, mortgage-backed securities. And by the way, it's happening now with QT, right? So my frustration is being doubled. Now even though New Zealand, the UK, the US are all exiting in important different ways, everyone's saying, no, it's just, it's QE.
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