Wednesday, May 24, 2017

A default by any other name

In a May 24 lecture at the Bank of Japan, I reviewed my past advice to see how it has stood the test of time, and I offered some thoughts on what options the BOJ might consider if its current policy framework is insufficient to achieves its inflation objectives.
Well, Ben, if we construct your grammar we find you have insisted on any policy that pushes the government toward default, so why not just say it.  The sandbox can do defaults, as safely as possible. The key is to automate the process, as if you were not needed, Ben.

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