2022/09/15 The MMT Podcast with Patricia Pino & Christian Reilly: Warren Mosler: The Natural Rate Of Interest Is Zero
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Warren Mosler: The Natural Rate Of Interest Is Zero
The MMT Podcast with Patricia Pino & Christian Reilly
Patricia and Christian talk to MMT founder Warren Mosler about the MMT view of interest rates, the Inflation Reduction Act, and some recent New York Times coverage of Warren's ideas. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast For an intro to MMT: Our first three episodes: https://www.patreon.com/posts/41742417 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 All our episodes in chronological order: https://www.patreon.com/posts/43111643 All of our episodes with Warren Mosler: https://www.patreon.com/posts/42918786 Quick MMT reads: Warren's Mosler's MMT white paper: http://moslereconomics.com/mmt-white-paper/ Steven Hail's quick MMT explainer: https://theconversation.com/explainer-what-is-modern-monetary-theory-72095 On government debt: "Some Numbers Are Big. Let Me Help You Get Over It": https://christreilly.com/2020/02/17/some-numbers-are-big-let-me-help-you-get-over-it/ Warren Mosler's website: http://moslereconomics.com Warren Mosler on Twitter: https://twitter.com/wbmosler Things that came up in this conversation: The Natural Rate of Interest Is Zero by Mathew Forstater and Warren Mosler: http://www.moslereconomics.com/wp-content/graphs/2009/07/natural-rate-is-zero.PDF Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html Episode 125 - Sam Levey: Monopoly, Monopsony, And What To Do About Them: https://www.patreon.com/posts/61954971 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 More on quantitative easing: Episode 59 - Warren Mosler: What Do Central Banks Do?:https://www.patreon.com/posts/39070023 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true Episodes on monetary operations: Episode 20 - Warren Mosler: The MMT Money Story (part 1): https://www.patreon.com/posts/28004824 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887 Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 Episode 84 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 1): https://www.patreon.com/posts/46352183 Episode 86 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 2): https://www.patreon.com/posts/46865929 Episodes on inflation: Episode 7: Steven Hail: Inflation, Price Shocks and Other Misunderstandings: https://www.patreon.com/posts/41780508 Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678 Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation: https://www.patreon.com/posts/52207835 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 Episode 128 - L. Randall Wray & Yeva Nersisyan: What's Causing Accelerating Inflation? Pandemic Or Policy Response?: https://www.patreon.com/posts/63776558 Sign up for Professor Bill Mitchell's online MMT 101 course (Sep 14 - Oct 12 2022): https://www.edx.org/course/modern-monetary-theory-economics-for-the-21st-century Details of Modern Money Lab's online grad and postgrad courses in MMT: https://modernmoneylab.org.au/ Sign up for alerts from The Gower Initiative For Modern Money Studies about their forthcoming MMT book: https://gimms.org.uk/ A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757 We are working towards full transcripts, but in
axis of government intervention to make
rates higher than zero the interest rate
will stay at zero permanently.The MMT Podcast with Patricia Pino & Christian Reilly
Patricia and Christian talk to MMT founder Warren Mosler about the MMT view of interest rates, the Inflation Reduction Act, and some recent New York Times coverage of Warren's ideas. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast For an intro to MMT: Our first three episodes: https://www.patreon.com/posts/41742417 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 All our episodes in chronological order: https://www.patreon.com/posts/43111643 All of our episodes with Warren Mosler: https://www.patreon.com/posts/42918786 Quick MMT reads: Warren's Mosler's MMT white paper: http://moslereconomics.com/mmt-white-paper/ Steven Hail's quick MMT explainer: https://theconversation.com/explainer-what-is-modern-monetary-theory-72095 On government debt: "Some Numbers Are Big. Let Me Help You Get Over It": https://christreilly.com/2020/02/17/some-numbers-are-big-let-me-help-you-get-over-it/ Warren Mosler's website: http://moslereconomics.com Warren Mosler on Twitter: https://twitter.com/wbmosler Things that came up in this conversation: The Natural Rate of Interest Is Zero by Mathew Forstater and Warren Mosler: http://www.moslereconomics.com/wp-content/graphs/2009/07/natural-rate-is-zero.PDF Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html Episode 125 - Sam Levey: Monopoly, Monopsony, And What To Do About Them: https://www.patreon.com/posts/61954971 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 More on quantitative easing: Episode 59 - Warren Mosler: What Do Central Banks Do?:https://www.patreon.com/posts/39070023 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true Episodes on monetary operations: Episode 20 - Warren Mosler: The MMT Money Story (part 1): https://www.patreon.com/posts/28004824 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887 Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 Episode 84 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 1): https://www.patreon.com/posts/46352183 Episode 86 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 2): https://www.patreon.com/posts/46865929 Episodes on inflation: Episode 7: Steven Hail: Inflation, Price Shocks and Other Misunderstandings: https://www.patreon.com/posts/41780508 Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678 Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation: https://www.patreon.com/posts/52207835 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 Episode 128 - L. Randall Wray & Yeva Nersisyan: What's Causing Accelerating Inflation? Pandemic Or Policy Response?: https://www.patreon.com/posts/63776558 Sign up for Professor Bill Mitchell's online MMT 101 course (Sep 14 - Oct 12 2022): https://www.edx.org/course/modern-monetary-theory-economics-for-the-21st-century Details of Modern Money Lab's online grad and postgrad courses in MMT: https://modernmoneylab.org.au/ Sign up for alerts from The Gower Initiative For Modern Money Studies about their forthcoming MMT book: https://gimms.org.uk/ A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757 We are working towards full transcripts, but in
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#144: Warren Mosler: The Natural Rate Of Interest Is Zero
and what
we've had is just talk about financial
repression.
where they're pushing rates
down to zero which would otherwise be
higher.
it's completely the opposite okay.
if the government does nothing rates go
to zero.
they have to take action to push
rates higher so it's not necessarily to
say that the policy rate should be zero.
but it is to say that in the absence of
intervention.
the policy rate is zero if
you start with that base case and you
raise rates some of those asset prices
will adjust to the higher rate will come
down.
okay and then if you go back to the
zero rate.
then they'll go back to where
they were in the base case.
I think it's
totally misleading to call that asset
price inflation because they went back
to where they were to begin with.
金利をゼロより高くするための政府の介入がなければ、金利は永久にゼロのままである。
そして私たちが経験したのは 金融抑圧の話だけです
金利をゼロにすることで、本来ならもっと高いはずの金利を押し下げるのです。
それは完全に逆です。
政府が何もしなければ、金利はゼロになります。
政府が何もしなければ金利はゼロになり、金利を上げるために行動を起こさなければなりません。ですから、必ずしも政策金利はゼロであるべきだとは言いません。
政策金利はゼロであるべきだとは言いませんが、介入がない場合には
政策金利はゼロです。もしこの基本ケースから始めて金利を上げれば、資産価格の一部は金利の上昇に適応して下がります。
そして、ゼロ金利に戻せば、資産価格は下落します。
そして、ゼロ金利に戻せば、ベースケースに戻るでしょう。
資産価格のインフレと呼ぶのは誤解を招くと思います。
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