Når endret Bernanke sitt syn på ‘zero bound’ pengepolitikk?

Screen shot 2012 02 13 at 19 40 46Laurence Ball mener noe skjedde i 2003. Han lurer på hvorfor, og trekker inn gruppedynamikk. Dessverre tror jeg ikke modellen til Ball har med alt som har pågått, men det er artig lesing uansett. Sammendraget:

From 2000 to 2003, when Ben Bernanke was a professor and then a Fed Governor, he wrote extensively about monetary policy at the zero bound on interest rates. He advocated aggressive stimulus policies, such as a money-financed tax cut and an inflation target of 3-4%. Yet, since U.S. interest rates hit zero in 2008, the Fed under Chairman Bernanke has taken more cautious actions. This paper asks when and why Bernanke changed his mind about zero-bound policy. The answer, at one level, is that he was influenced by analysis from the Fed staff that was presented at the FOMC meeting of June 2003. This answer raises another question: why did the staff’s views influence Bernanke so strongly? I seek answers to this question in the social psychology literature on group decision-making.

(Dessverre ser det ut som artikkelen er ‘bak porten’. Leter etter et fritt eksemplar.)

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