美联储宽松政策对实体经济有益(国外英文资料).docVIP

美联储宽松政策对实体经济无益(国外英文资料) The feds loose policy is not helping the real economy Rwanda yields less than 8% of Indonesias sovereign debt yields fluctuations to 150 basis points, the Indian rupee swings in just a few weeks, at the same time, the U.S. stock market to new peaks (although earnings growth remains weak and still mainly driven by cost cuts), one might conclude that the market turmoil, bubble. But apparently the current chairman of the federal reserve? Ben Bernanke and nominee janet yellen? Janet Yellen is not worried. Ms yellens answer to the confirmation hearings last week has been no less than quantitative easing. This highlights the feds concern that slowing asset purchases and raising interest rates will have negative wealth effects. Crisis five years later, the situation is clear: the implications of the feds quantitative easing is not to promote the real economy recovery, but merely to increase liquidity, promote the rise in asset prices, promote the growth in wealth. Or, more precisely, the super-rich are driving growth, because the rest of us dont see a rise in wages and incomes. Although after so many years still fail to restore economic growth, but the feds response is to continue to full play, which suggests that it is assumed that the rate of 3% annual growth rate to return to before. But many analysts believe the potential growth rate is falling. Fed chairmans office, they say, given the economic performance below its trend rate, like naughty children misbehave, but this view is more and more dubious. There are several reasons for doubt. First, the Labour force participation rate is falling, leaving the 6.5% target unemployment rate even more unrealistic. Until the 1980s, the number of women entering the workforce was rising, but now the trend has reversed. At the same time, many discouraged workers have chosen to give up looking for work. Moreover, productivity is falling. For example, JPMorgan economist Robert mugabe. Melman (Robert Mellman) me