Quantitative Easing: A Keynesian Critique
Keynesian economists have generally supported quantitative easing (QE) on grounds it increases aggregate demand and anything that increases demand at this time of demand shortage is welcome. This paper argues that response may be misplaced. QE may back fire with respect to demand stimulus, create potentially significant future dangers, and is supportive of a plutocratic political economy based on “asset market trickle-down” that obstructs needed policy change.
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- Thomas I. Palley, 1993. "Uncertainty, Expectations, and the Future: If We Don't Know the Answers, What Are the Questions?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 16(1), pages 3-18, October.
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