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The Recession Paradox | Alfonso Peccatiello
Forward Guidance
The Effect of Corporate Bonds on Credit Creation
The mere action of the pension fund or the bank buying the corporate bond is not creating new money for the private sector. It's the action of levering up the balance sheet that comes from the corporate that increases credit in the system. That's the real economy money printing, whether banks or pension funds will choose to buy that bond with or without QE. But if those pension funds buy corporate bonds that they would not have otherwise bought, I'll just make an extreme example of a American cruise line company - Carnival Cruises.
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